Need help and advice please?
Hello everyone
Im in a process of buying a short sale house. The mortgage holder id Chase. The property has been on the market for over a year and is vacant. It started in June of 2013 when I put in an offer $167k and Chase approved it. But the seller also had 3 private liens total about 20k. I offer toral 3k to settle them, but having heard anything yet. I got my loan all ready, but because of the 3 private liens have not reply back; we missed the closing date. I just learned that Chase had terminated my contract and would not grant an extension. Chase want us to get the private liens release letter before they can give us the go ahead again. So I asked my attorney to ask the seller's attorney to ask Chase if they can pay for my closing cost, then I i will use that fun to contribute more to the private liens. Also the seller is using his relication fund to take care his closing cost. The house had just put back on the market again today. What should I do? Any help and advice would be greatly appreciated. TIA!
Im in a process of buying a short sale house. The mortgage holder id Chase. The property has been on the market for over a year and is vacant. It started in June of 2013 when I put in an offer $167k and Chase approved it. But the seller also had 3 private liens total about 20k. I offer toral 3k to settle them, but having heard anything yet. I got my loan all ready, but because of the 3 private liens have not reply back; we missed the closing date. I just learned that Chase had terminated my contract and would not grant an extension. Chase want us to get the private liens release letter before they can give us the go ahead again. So I asked my attorney to ask the seller's attorney to ask Chase if they can pay for my closing cost, then I i will use that fun to contribute more to the private liens. Also the seller is using his relication fund to take care his closing cost. The house had just put back on the market again today. What should I do? Any help and advice would be greatly appreciated. TIA!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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The seller is using his relocation money to pay for what closing costs?
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Permalink Reply by Patrick on
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Seller's closing cost. At first they want me to pay for both sides closing costs. I told them no and I will walk. So they put in the addendum that the seller is willing to the reloc money to pay for seller closing costs.
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Some is feeding you a line of crud.... Every short sale I have done, over 200 total, the bank has always covered the sellers closing costs. Always
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That's what I read researching on that closing costs. But the agent kept saying that the bank doesnt. The agent always saying Chase wont negotiated whenever I asked her to negotiate. I guess it's time to get another agent.
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The problem seems to be whoever is negotiating the short sale. The seller has NO closing costs, that is always paid by the bank. They're probably referring to a fee to whoever is negotiating the short sale. If it's actually an attorney, as opposed to the title co., then they are definitely charging a fee, and that's probably what they're calling seller closing costs. The 3 other liens should not have been a surprise, and should have been negotiated simultaneously with the first, since the first mtg is likely contributing money toward them. You Can ask for some closing costs help, 2-3%, and contribute that toward the other liens, If the first agrees. The seller may not be allowed to use any of his Relo money for the liens, depending on who actually owns the loan (investor).
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Yes, it's an attorney's seller doing the negotiating. Thank you very much Wayne! That sounds pretty much how it is right now. So since the contract is terminated, then i have to start from scratch and re-submitting a mew offer.
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Chase didn't terminate your contract, but it sounds like their approval expired. You can resubmit a new contract with whatever terms you want, but it's useless unless the 3 junior liens have been negotiated to the point where there might be sufficient money to satisfy them. Your purchase contract should be structured to accommodate that (ie, closing cost credit to you, and a later addendum where you will put those funds toward junior liens, etc). Remember, you still have the issue of someone paying for the attorney/negotiator. If it doesn't look like all these things are worked out, move on to a different property.
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Permalink Reply by Short Sale Superstars LLC on
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Patrick,
You should consider lowering your offer, so you have more funds to contribute towards the outside liens. Also, if this is going through the HAFA program, i've never seen seller relocation funds allowed to be used as a contribution. I agree with the above that you likely aren't being informed of what's really going on.
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