Buying A Home
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Short sale update

We put in our offer about 2 months ago on a short sale. The BPO was ordered a month ago, the sellers were finishing clearing up the POS inspection by the city and reordering a new inspection..and today we learned that they had 2 mortgages on the house, but the first lien holder has approved our offer! They're working with the second lien holder to take a reduction, but I'm hoping this means we're almost done!
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Re: Short sale update

  • Good luck!! Will the second mortgage be paid by the seller, or will it be from part of your offer? Hope it works out :)
  • This is the email I got from our realtor...I'm new at this stuff...

     

    "Apparently the sellers have two mortgages on the property, today the first lien holder agreed to the sale price!!!! They are asking for reduced seller concessions (the closing cost we asked for). The Listing agent did request an exact number, so we know what we?re working with.  They are also working on the second lien holder to take a reduction on the second mortgage. I think this is great news!!!"

     

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