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George & Patti -
I'm representing the buyer, we made an offer on a property with 1st being BoA and 2nd with Citi. After four months, we received our written approval for the 1st Friday. The 2nd had been waiting and had verbally approved the terms. Now that we are seeking the 2nd written approval from Citi, they changed their minds. Two factors happened, the time frame it took to get the deal approved by the 1st caused the 2nd lien holder demand for a file review. Upon reviewing it, they had charged-off the 2nd and had the LA deal with that company (unknown of the that name) and they made demanded complete different terms. The 1st lien holder agreed to pay 3K to the 2nd, the collection co. said 'nope' we want an additional $4500.00 from seller. The listing agent forced his way to someone above the negotiator for the collection company and finally worked it down to $2,000.00 in which, the seller (home-owner) agreed to pay half. My buyer is not in position to pay anymore, so between the lender & myself we are going to pick up the difference. This is the second deal we have made it to this far in the transaction and the 2nd has laid havoc for my buyer. The first time, it came to a stand still and they wouldn't budge off of $2500.00 (which that seller refused to pay).
It seems totally ridiculous that these 2nd lien holders can tie up these transactions and hold them for ransom!! They would lose huge if this property were to go to foreclosure!!
Disappointing. Happy Selling!!
Candace
George & Patti -
I'm representing the buyer, we made an offer on a property with 1st being BoA and 2nd with Citi. After four months, we received our written approval for the 1st Friday. The 2nd had been waiting and had verbally approved the terms. Now that we are seeking the 2nd written approval from Citi, they changed their minds. Two factors happened, the time frame it took to get the deal approved by the 1st caused the 2nd lien holder demand for a file review. Upon reviewing it, they had charged-off the 2nd and had the LA deal with that company (unknown of the that name) and they made demanded complete different terms. The 1st lien holder agreed to pay 3K to the 2nd, the collection co. said 'nope' we want an additional $4500.00 from seller. The listing agent forced his way to someone above the negotiator for the collection company and finally worked it down to $2,000.00 in which, the seller (home-owner) agreed to pay half. My buyer is not in position to pay anymore, so between the lender & myself we are going to pick up the difference. This is the second deal we have made it to this far in the transaction and the 2nd has laid havoc for my buyer. The first time, it came to a stand still and they wouldn't budge off of $2500.00 (which that seller refused to pay).
It seems totally ridiculous that these 2nd lien holders can tie up these transactions and hold them for ransom!! They would lose huge if this property were to go to foreclosure!!
Disappointing. Happy Selling!!
Candace
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