Hi everyone: I am the Transaction/Closing Coordinator for my company. I have a great older couple that is selling their house. They will need to do a Short Sale on their Mortgage. I am working with their lender, Quicken Loans on this. That alone will be difficult but I can see light at the end of the tunnel on this one.
They have another lien for a PACE RENEW loan. When title came back, this took us all by surprise. Sellers don't ever remember getting this loan. It was to repair their roof after Irma hit Florida BUT no work was ever done. That is a different battle. I need to get Contact Information so that I can see if they have a Short Sale process. What sucks here is that the lien is attached to their property taxes as non ad-valorem taxes and are paid that way once a year.
The company itself is of no help. Has anyone dealt with them before and if so, can you send me the direction of someone or department to contact about a possible Short Sale.
Typically you can't negotiate home improvement liens that are baked into property taxes. The new buyer likely needs to take the property subject to that lien. This should be baked into the offer. Hopefully the buyer can get a good deal with the 1st lien so it still makes sense to purchase with a home improvement lien on the property.
Thanks so much for responding Brett! Not encouraging at all but at least tells me in what direction I need to go in. Our buyer is willing to come up in price but not to the amount needed. We will have to short sale the mortgage, if they are willing. Appreciate it!!