In a short sale transaction, the person who is doing the negotiating and trying to get the lien holders to agree to the short sale (usually the listing agent) has quite a lot of work to do. Obtaining approvals on short sales is no easy task, and often times the second lien holders (who often will only receive a few cents on the dollar) use unique and challenging tactics of debt collection.
In this short video, Melissa Zavala, the Broker at Broadpoint Properties and a nationally recognized short sale expert, answers one person’s questions about short sales and negotiating with second lien holders.
Remember that a short sale is a transaction where a property is sold for less than the amount owed on the loan(s). And, in a short sale, banks agree to permit the sale and accept less than the amount owed on the note. In this particular situation, it sounds as if one of the lien holders really does not want to agree to permit the sale. Have a look. And remember, if you have any questions about short sales, please do not hesitate to contact our office.