First Short Sale: 2nd Mtg W/Fleet
I need help with first deal. Home has been listed for 12 months w/1 offer. List price 474,900. Made an offer for 425K that was accepted pending short sale approval. 2.5 months later, realtor has told us that there will be a difference of 70K left. My question is: is this amt too large for a bank to short on? It is in a town where the highest sale ever has been 330K. The house is in ok condition, would need about 20K in repairs for broken windows, lawn, driveway, water damage in living room etc. 2nd question: how much longer could this take?
Has the deal been pitched to both banks?
If you have the specific of the amounts, it might be more clear.
I have never heard of a offer being accepted "pending" bank approval. Bank approval is the big problem.
310K on 1st (don't know what bank) and 200K on the 2nd (Fleet). Property taxes of 13K haven't been paid in 3 years. With what I am offering the 2nd will still have 70K left.