I wanted to know if bank foreclosures REO’s and short sale home asking prices are negotiable? Do banks ever accept a lower offering price for property? Since REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction.

How does the seller determine the asking price for a short sale? Do they determine it themselves hoping the bank will then approve, or do they make negotiations with their bank before they list their price so they have a better chance of it getting approved?

I have a loan on a home for $450,000 in Georgia. The second loan is for close to $200,000 (2 banks). The first loan has been approved by BOA for short sale, the second loan however was with a bank that has ‘failed’ and was acquired by the FDIC that then was sold to 3rd party. This 3rd party is asking for $30K cash, and $70k notes payable over 7 years. They have a lien against my only business asset & are claiming if the house goes into foreclosure they can/will come after me for repayment of the remaining 2nd loan. I need to know how to get them to lower the second loan amount, or what my options are as I can’t afford another 70k for 7 years! Please help & advise.

Also, about how long would it take for the bank to approve the deal? Will the bank WANT to deny me if I have offered the asking price and I have a contract with the seller? Why or why not? Thanks for your help in advance.

Husband lost his job in Dec. Just had a baby in Dec. Prop is investment property in FL with tenants who if approved want the short sale. Property tax …. to pay or not to pay in light of short sale or foreclosure? Also .. Any advice on how to get Chase to lean toward short sale?

It has been about a week and I still haven’t heard anything from the buyer- Is this unusual?