PNC 1st and 2nd HELP! They don't play nice with each other.
We have lost one deal because the PNC 2nd wanted more than the PNC 1st would allow. We are running into it again on a much bigger deal, same negotiator. We dont want to lose this deal. The first told us the 2nd can only get $3000 and the 2nd wants $7700 for a release of lien. We worked it out that the other $4700 was on the buyers side of the Hud-1 and now the 1st said no. The 2nd can only get $3,000 and that is all. I don't understand we are trying to give the bank money on a bad asset and they are fighting us on it. The negotiator then proceeds to tell me the need to net $1,000 more than she told us before. The REOs in the development are going for the low $200's and the offer we have is $275k.
I emailed every big wig I could get an email for and have received no response. Does anyone have a contact for someone that can work this out between the two banks? They are telling me they are completely separate from each other. Every other short sale we have done with one bank holding both loans has worked it interanlly to get the deal done, but not PNC. What is their problem? They can have $255k now and start lending money again (haha), or they can foreclose on the home and sell it in 10-18 months for $200 or less.
Anyone who can help I would appreciate some direction. I really would like help, not just stories of your PNC tragedies. Thanks for your help.
Jason Childs
The Short Sales Group, LLC
Replies to This Discussion
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Permalink Reply by Kyle Souza on
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you need to determine who the investor is for the 1st loan.
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Permalink Reply by Bryant Tutas on
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Jason. I have had this happen several times with PNC. We ALWAYS placed the extra money on the buyer side of the HUD as a POC item. The buyer then brought a separate check to closing to pay for the additional monies. Maybe the issue is that you asked. I never asked. We just did it. They approved the HUD and we closed with no issues. As much as they want to the lender does NOT control the buyer side of the HUD. They control the purchase price and the proceeds of the sale. Just do it. Let them fight it out with the legal department for the closing agent.
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Permalink Reply by Jason Childs on
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Bryant,
They wanted a copy of the approval letter from the 2nd before issuing the approval on the 1st. We didn't ask them until it be came an issue when they saw the approval from 2nd. I would have railroaded it of that was not the case. Thanks!
Bryant Tutas said:Jason. I have had this happen several times with PNC. We ALWAYS placed the extra money on the buyer side of the HUD as a POC item. The buyer then brought a separate check to closing to pay for the additional monies. Maybe the issue is that you asked. I never asked. We just did it. They approved the HUD and we closed with no issues. As much as they want to the lender does NOT control the buyer side of the HUD. They control the purchase price and the proceeds of the sale. Just do it. Let them fight it out with the legal department for the closing agent. -
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