Hi All:
I have a short sale listing with two lien holders. First lien holder Chase has apporved it and the second line holder BOFA approved it today. The buyers agent is saying now that they have to add another purchaser to the contract to qualify. How do I approach the lien holders now? I am going to get a full approval from the purchasers lender next week. Closing is scheduled for Feruary 15, 2011. Any input is apprieciated.
Thanks
Sridhar Vemuru
703-851-5372.
Tags:
Hi Karyl:
Unfortunately the buyers cant do this. The additional buyer is a cosigner on the loan.
Sridhar
Hi Lori:
I am going to approach both the lien holders once I get the approval from the purchasers lender and hope they will agree.
Sridhar Vemuru
Lori Young said:
You are asking to amend the approvals to add an additional buyer. Make sure you let them both know that it is for buyer financing and not a flip. It would help to already have a signed amendment to the purchase contract and something from the buyers lender as proof and for the records. The reps are pretty good if you have your ducks in a row.
Hello All:
I appreciate your time in answering my question. Luckily both lenders have approved the short sale with the second purchasers name. Chase reissued the short sale approval letter with both names after I submitted the addendum adding the second purchaser and the financial approval letter from the purchasers lender. BOFA have no problems and had issues on the HUD-1 approval and that is a long story. Closed on 14th and waiting for the payday.
Sridhar Vemuru
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