There is hope for us all!
I submitted an offer and was assigned a negotiator at PNC. He said
"if there is no promissory note this deal will crash and burn". After 3 days we spoke and i reviewed with him again that this was an aquisition no recourse loan in California. The sellers also have a legitimnate hardship which I once again reviewed with him. He is going back to the MI company to try to push it thru with out the p note. So, for me this was extremely encouraging.
I will update you soon hopefully. One day your dead the next day you're very alive in the short sale business; today I have a strong pulse!!!!!
Replies to This Discussion
-
Permalink Reply by Bat Geno on
-
Hi Louise, Are you a realtor? I'm a buyer that just made offered to PNC property, it's been 3 weeks now the last info I got was that PNC just requested for the BPO hopefully to have an update next week. How's yours? Thanks.
-
-
Permalink Reply by Louise Dela Cruz on
-
Hello,
Yes, I am a realtor. Requesting a bpo is good forward progress. I have not called for a follow up as PNC has the 2nd
so I am finishing up the first now. -
-
-
Hi Louise,
I'm a buyer also. My realtor just notified me that PNC (2nd lien) is going to lift the lien if I pay them $25k. Meanwhile we have no answer from 1st lien yet. The listing agent want me sign the addendem for the $25k. I preferred to wait for the 1st lien. Is it normal that PNC (2nd lien) dealing with buyer directly? Is it normal that buyer needs to make a deal with 2nd lien without full knowledge of 1st lien's action? I'm greatly appreciated if you can give me any insight to my questions.
Thank you! -
-
-
vola ss,
I have been working as a listing agent for short sales for a few years now. i have closed with many banks and I have never had a seller sign a promissory note or bring in money to close and certainly I have never had a bank ask the buyer for closing costs. This negotiation you are in seems backward to me. Usually the first offers the second a sum of money and then the second is negotiated. Since the second bank is asking for such a large sum of money, I would negotiate the first prior to negotiating with the second. Also, the CAR short sale addendum form states the seller can leave the agreement at any point; therefore I would wait until a first and second approval letter is on file with corresponding closing dates prior to spending any money on this transaction.
Vola SS said:Hi Louise,
I'm a buyer also. My realtor just notified me that PNC (2nd lien) is going to lift the lien if I pay them $25k. Meanwhile we have no answer from 1st lien yet. The listing agent want me sign the addendem for the $25k. I preferred to wait for the 1st lien. Is it normal that PNC (2nd lien) dealing with buyer directly? Is it normal that buyer needs to make a deal with 2nd lien without full knowledge of 1st lien's action? I'm greatly appreciated if you can give me any insight to my questions.
Thank you! -
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons