Investor making an offer on a short sale

[Patrick McCafferty]

I like this property in my area. It is subject to short sale approval and it needs a lot of work. It is on the market for $199k, down from $329k. There is an $80k Home Equity Loan in first position, then a $175k and $40k home equity loan from a different lender. If I put at least $125k into it then it would be worth $275 - $300k so I would want to get it for around $100k. The $80k lender in the first position would be satisfied but do you think the Bank of America (the second) would be up for taking that much of a hit? Do they have any say in the process or does the lender in first position make the decision (in which case I would offer $80k)?