2nd holding up sale of short sale?

5 Replies

I'm looking at a property where a buyer pulled out after 9 months of waiting. The listing price will just cover the 1st position and 2nd doesn't get anything.

Is it possible for the 2nd to delay the short sale for that long? Just curious if I need to negotiate with the second to make the short sale go smoother.

The 2nd can hold it up as long as they want, you have to get them to agree to release their lien and why in the world would they do that for nothing?   Yes they can get foreclosed out but that will take time and money, if you want the deal to get done they'd have to get something.  

This generally requires the buyer to kick in enough extra money, above the purchase price, to satisfy the second.  Do you know who the second is?  But the negotiation needs to be done by whoever is negotiating it, not you.

Originally posted by @Wayne Brooks :

This generally requires the buyer to kick in enough extra money, above the purchase price, to satisfy the second.  Do you know who the second is?  But the negotiation needs to be done by whoever is negotiating it, not you.

 The 2nd is Homecomings Financial Network in Delaware. Who would be the personal negotiating? The listing agent or the buyers agent? 

It will be either the listing agent, the title co., or a third party negotiator working usually for the seller.....but usually the listing agent, usually never the buyer's agent.

Originally posted by @Wayne Brooks :

It will be either the listing agent, the title co., or a third party negotiator working usually for the seller.....but usually the listing agent, usually never the buyer's agent.

Thanks Wayne. I've learned a lot just from your responses.

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