Tags:
In a short sale transaction it is always best to centralize communications with each lender and share your concerns as to why the daughter is attempting to negotiate with the 2nd. I would have a meeting with the actual seller and her daughter to ask your questions and also address theirs directly. What I'm afraid of is that she may accept terms that the 1st mortgage will not agree to. Also most 2nd mortgages will not move forward until the 1st mortgage provides some idea of what they are willing to pay them. I would also ask if her daughter has any experience negotiating a short sale and negotiating with the 2nd specifically. But be ginger when you ask that question as the daughter may be offended. Aflter all you are a professional and she (seller) is asking for you to help her out of this situation.
Good luck.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.
I'm surprised that the root problem has not been brought up. While the short sale world is a challenge, we as Realtors need to do our homework before getting involved.Submitting an offer and then realize the negotiating issues is doing you and your buyer a dis-service. What you should be doing with ANY short sale is make phone calls and inquire about all the nuances of that short sale BEFORE WE SHOW PROPERTY OR MAKE OFFERS because every short sale is different. If you knew that this property was jacked from the beginning, I would bet you wouldn't even show that property to your buyer? Am I right?
Lesson learned here is do your homeowner and know what you are getting yourself and your buyers into!
But, to answer your question directly, it is really none of your business who negotiates the short sale (to be blunt). As a buyers agent you are not privy to any part of the decision making. It is the homeowners ABSOLUTE RIGHT to negotiate the short sale first and foremost. Now, on the contrary, talking about how the listing agent should know better and never allow a homeowner to negotiate a short sale is a whole new topic of conversation.
Good luck!