How long does it take to get an offer accepted in a short sale where there is a first and second lender? We have been waiting to hear from the second lender for months after the first lender accepted the offer.

Unfortunately, you may never have an answer. Say you offered $500K on a house with a first loan of $550K and a second of $50K. The first lender will get a good portion of their investment back….in comparison to the second lender who will get nothing. There is no advantage for the second lender to agree to accept nothing. The second lender may foreclose, take the house back by paying off the first, and then sell it. Unless the first lender agrees to allow some of your $500K offer to go toward the second lender's note, then the foreclosure option may be the best solution for a second note holder to obtain some of their investment back.

I'd suggest you continue to shop for other properties. Without lender approval (both lenders) you should be under no obligation to wait around, though that is determined by the terms your agent included in the offer. If it works out later on and you haven't found another property, then pursue it.

3655 Lindenwood Drive, San Jose - This 3/2 home has wonderful curb appeal and is located in one of the top public school districts in the area! Beautiful updates throughout with remodeled baths, oversized guest rooms–each with a separate study or office area–plus a converted garage for a home theatre or game room. It's a must see!

Click here to view the virtual tour.

Just reduced:

599 W. Hedding Street, San Jose to $249,000 - Light industrial zoned lot with major fixer/tear down (owner will consider partial carry)

120 College Terrace, Unit L, Los Gatos to $719,000 - Beautiful townhome with great privacy, within minutes to downtown Los Gatos

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Just listed! This is a beautiful, executive home in the award-winning Cupertino School District. Filled with special touches, this home offers high ceilings, arched windows and entryways, bay windows and an open floorplan. There's plenty of space for entertaining in the gourmet kitchen with eating area opening to the family room. Off the formal entry is a light & bright living room and formal dining room. Travel up the spiral staircase to an open landing with an office or library area. Spacious bedrooms (and a luxurious master suite) grace the second floor. It's a must see!

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First, make sure you will be on the benefiting end of the re-assessment process. If you:

- Purchased more than 5 years ago
- Significantly remodelled, added on, or rehabbed the home
- Added additional structures (second home, barn, garage)
- Performed non-permitted alterations

….initiating the process may not be a cost-saving step.

First get a market analysis prepared by a real estate agent who knows the area and can provide current comps to compare to or support your property value. Should the comps prove your assessed value is elevated enough to justify requesting a change, you will need the comps to support your claim.