Buyer's Lender Wants Short Sale Approval Letter From Fully Paid Off 1st

Have any of you run into this? The buyer's lender is insisting on a letter from the seller's 1st lienholder approving the short sale. The seller is only short on the 2nd lien (for which we have approval) and the HUD-1 provides for a full pay-off of the 1st according to the 1st's pay-off demand. Have you run into this before? How did you handle it?

Views: 124

▶ Reply to This

Replies to This Discussion

Permalink Reply by Jeff Payne on September 5, 2012 at 1:16pm

They need the payoff, send that to them

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on September 6, 2012 at 5:21am

Just send the Payoff Demand for the 1st and the short sale approval for the 2nd - include the estimated HUD and tell them it's all they are getting - and if they don't like it tell them you have a lender that's more cooperative and you'll help the buyer with another lender....... :-)

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************