Offlinehi all. i have a question im hoping someone can help me with. im looking at purchasing a property but the real estate agent sent me a email that stated this...."Bank approved $210k sale price. First lender giving $8,500 to 2nd lender 2nd lender wants $19,000 so we are putting it back on the market." im not sure i understand but it seems as if there are two mortgages on this property. please advise. thank you
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It's a short sale and the first lender is offering the second lender $8500 to facilitate the deal, but the second lender wants $19,000. The second lender feels that the first lender will not foreclose.
thank you for the quick response. this helps me out quite a bit as far as my next step.