CCO Mortgage and BOA

I have a short sale in process.  The first mortgage is BOA and the second is CCO Mortgage. The offer is enough to pay off BOA and the second is getting 50% of balance. So the 2nd mortgage is the only one I am negotiating with currently.  

2nd mortgage has done a full appraisal and has asked if I have negotiated with the first mortgage?  I explained that at this point there is no need because BOA is being paid in full.  The negotiator explains that the appraisal has come in much lower than the purchase contract offer.  

So now I am not sure if I should just move forward and let the buyer proceed with inspections and let them do an appraisal and see where the appraisal ends up for his loan?  Or should I intervene and let the buyers agent know what is happening and that it may not appraise for the purchase contract price.  The negotiator is stating it is atleast $20K less than the purchase contract price.  

I don't feel we are that far off......But if so, it would make a huge difference and I would need to negotiate with BOA.  (Trying to avoid that if possible)

I feel we need to just move forward and try to get this to work and if the appraisal comes back less than the purchase contract price, then I would need to negotiate with BOA.  

Any thoughts? 

Patty Henry

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