Need Superstar Help!! PNC Not Playing Nice

Hey everyone. So quick update so you know the situation. 1 loan with PNC. Submitted my package on 4/18 had full approval  on 5/23. Not bad.

So buyers appraisal comes in 2k lower. We go back do a new hud and wait for new approval. Sellers call and say that their water treatment company has called and placed a lien on them (My God). During prelim title serach no lien whatsoever showed.

We update the negotiator (PNC) and she says the max contribution will be 6% of the balance to the Jr. The balance is $6414.47 so they will only pay $384 or so (LOL) so we now begin playing with the UCC in order to get a payoff.

Long story short we get the UCC to go down and accept $2500. Paid out:

Buyer agrees to pay $2000

1st contributes the $384

Agent: Balance of $116

Boom there you go. Problemo solved...Close!!

I go back to negotiator today with release letter from UCC and the buyers are ready to close this week. The negotiator says "If the second doesn't accept JUST the $384 than there is no deal. No contributions from buyers, agents or anyone".

Has anybody had this experience? What do they care if I'm getting their investor his net?

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Permalink Reply by Julie Cendejas on June 14, 2011 at 2:23am

I have not had this experience, however why do they care where the money comes as long as they get it? I so don't get it! How frustrating - I hope you can work it out - sounds like you have worked very hard on it. Best of luck.

 

Permalink Reply by Eric Mieles on June 14, 2011 at 9:25am

I agree with you and that's the same questions I was asking. Just an update, so I spoke with the higher ups and they reopened my file and said that the buyers need to show proof they have the $2,000 to contribute to the UCC lien by submitting bank statements and they also want a detailed hud showing the breakdown of all concessions that are being applied. Only then can we resubmit and have them look at it but theres no gurantees.

It should be no business of theirs what the buyer have. As long as they are pre approved (Which they are) and want to contribute toward a private jr lien out of there own pocket that's there business. I will keep you updated.

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