Does an old purchase contract matter?
Actually 3 questions....
I'm finally getting somewhere on a 9 month old short sale - PNC 1st, GreenTree 2nd. The buyer just cancelled, but I had a backup all this time, and they want to be elevated - for which we have a form, and can use their 9 month old contract - something I'd do without question if this were a normal sale. My 1st question - do you think PNC (or GreenTree) will have a problem with a new-old contract - in other words - they see a brand new buyer, with a 9 month old contract?
Also - GreenTree approved the short sale with the original buyer who just cancelled. Do you think I should wait for an approval from PNC before saying "oops, one cancelled, here's the exact same offer please just swap out the names"? Or should I submit the new-old offer now (or a re-written one to look new) now?
Finally - this 2nd offer is from the tenant. Will either PNC or GreenTree object to that - in other words, do they see them as a 3rd party and arms-length? And do I need to disclose that it is the tenant with this new/old offer?
Replies to This Discussion
-
Permalink Reply by Jerry A Cook on
-
Old contracts fine, Rob. Shows you have control of the deal. Get the first approved, then tell the 2nd whats going on.
BUT, your real issue is with the 'tenant' buyer. That is a can of worms that will likely kill the deal. What state is property in?
-
-
-
Has tenant been paying rent to seller? Was tenant living there before seller decided to sell short? (like a year earlier?) Does the tenant have a lease with payment history? If any of these things are no, then you don't really have an arms length transaction.
-
-
Permalink Reply by Rob Regan on
-
Yes to all - tenants have been there about 3 years - seller decided to sell last year. They have been paying rent, there is a lease, and I'm sure we can pull payment history for at least 12 months. So yes, this is a legit lease and a legit tenant. The Seller bought to owner-occupy - tiny, tiny 1bed condo - now he's married with a kid and moved an hour away. Has had the same tenant ever since. Rent covers half the carrying costs of the two original mortgages, and after bleeding on the property for 2 years the Seller decided to sell. It is significantly short.
-
-
-
Those are the right answers. I'd pursue the deal. It's closeable! Good luck!
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons