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  • Mike Rizzo October 16, 2011 at 5:29am

    I have one closing on Monday.  Chase is the bank and they are paying about $10,000 to pay off an HOA judgement and another judgment which was an old medical bill.  $7000 to the HOA and $3000 to the other creditor.  On top of that, Chase is giving the seller $10,000 as an incentive.  Now the hard part to believe is that the condo is selling for $42,000.  Its the new program that Chase has initiated to reduce foreclosures and promote short sales.  I don't know how they're doing it, but that's what the program is doing in this case.

  • Sherry Pyszczynski October 16, 2011 at 3:38am

    I am in the midst of one right now. We have a redemption sale for the first. A 2nd total due of 125k. 2nd was going to net approx. 35k. Had approval - found a judgement lien of 31k on title. 2nd said the 3rd could have 3k. 3rd said no, we are happy to let them foreclose, we still have a judgement. 2nd said ok to 15k. 3rd is still not budging. Said they would take 22k.  Seriously!?!?  Still fighting for it. Buyers have their mortgage approved. Ready to close up until this came up. BIG mess.  The 2nd has been wonderful. The 3rd? PITA.

  • Bryant Tutas October 15, 2011 at 11:53pm

    xx

  • Kimberley Kelly October 11, 2011 at 3:07am

    Start with the Lender here in CAlif., but advise the Buyer at time of offer that it MAY be something they have to help cover.  Disclose all the numbers at the start..love those Prelims..

  • Eric Mieles October 10, 2011 at 4:12pm

    Bill, Yes that's a possibility but why not try first what Jeff was saying and fight for the lender to pay it and/or negotiate a reduced payoff to hopefully bridge the gap when the lender might only pay a portion and/or you need the buyer to pay and theres no way they will pay the total price of a home and a full balance on a lien that's not even there's.

  • Bill Urbany October 10, 2011 at 9:56am

    What about the possibility of asking the buyer to pay specific liens against the seller that would prevent escrow from closing? 

  • Jeff Payne October 10, 2011 at 6:45am

    How big a judgement?  Did title company confirm that it is a condition of closing to satisfy the lien?

  • Jeff Payne October 10, 2011 at 5:32am

    Yes and Yes. 

    • Team Thayer > Jeff Payne October 10, 2011 at 5:35am

      Well don't leave us all in suspense.  What type of lien did you get paid off and how did you accomplish this.

      • Jeff Payne > Team Thayer October 10, 2011 at 6:01am

        It was a judgement lien from a credit card that had to be cleared in order to close.  I had another that a water softener company had a lien on the property that had to be cleared.  Have you asked the negotiator?  We just included it on the HUD when we submitted the short sale package.

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