2nd Lien wants 6k

I represent the buyer on a short. 1st has written approval 2nd wants 6k and is getting 3k. Listing agent says that buyer is to bring in the other 3k. I thought the 2nd could only get 3k. Please advise-

Thanks Cynthia

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Comment by Cynthia Deacon Daniels on December 14, 2011 at 5:51am

Thanks Bryant!

Comment by Bryant Tutas on December 14, 2011 at 1:45am

Cynthia. It is quite common for the buyer to contribute to the payoff to the 2nd. What the first is stating is that they will only allow 3% from the proceeds of the sale. If the buyer agrees just place the extra $3,000 as an expense item  on the buyer side of the HUD. I've done this many times.

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