Good Afternoon Ms. Rodriguez,
Without knowing what the addendum is that you signed, it makes it difficult to properly answer your question. Normally a BPO is done towards the end of the process of a short sale, but that is not always the case. Given each bank also has different procedures it is not an easy question to answer. If the seller's agent/attorney are in contact with two banks, they should be able to gauge from their conversations where in the short sale approval process things stand. Most first lien holders only allow for a certain percentage of the second mortgage to be paid from the proceeds of the sale, it can be a flat amount or a percentage of the unpaid balance. If the second mortgage lender wishes to collect more than the first mortgage holder is wiling to pay, then that is when the negotiation will begin, either with the seller contributing towards the difference, and in some cases the buyer making a contribution. The normal approach is that of wait to cross the bridge once you get there and you will have a better sense of what the second mortgage lender is looking for settlement. Good luck with your purchase, and just remain in contact with your Realtor to ensure that the proper amount of follow up is maintained with the banks.
RE/MAX Advance Realty