Multiple Liens after contract has been ratified

An agent in my office contacted me to help her. This is the situation. Sale was a regular one until it was just discovered owner was not upfront and has liens amounting to 50K+ ( HOA and at least 2 mechanics liens). I am told owner has money to pay the liens but will then be about $51K short to cover the sale of the house, so LA informed BA immediately and parties signed a short sale addendum post ratification.  Any advice?

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Permalink Reply by Joseph Alfe on February 13, 2012 at 7:11am

This is why you always have an attorney or title company pull title at the start

Permalink Reply by Marielle van der Burgh on February 13, 2012 at 7:46am

I agree with you Joseph. I should have specified that I was not involved in the transaction until I was asked to help this morning.

Permalink Reply by Cody Lampariello on February 15, 2012 at 3:54am

What Brian said is right on. There is no way the lender is going to approve a short sale in order to cover the cost of HOA and Mechanics Liens. You will need to submit a lower contract and have the buyer and/or seller pay the liens off. If your buyer is FHA and doesn't have additonal funds you should probably consider moving on as the opportunity for success is not very high.

Permalink Reply by Marielle van der Burgh on February 15, 2012 at 4:40am

Thanks everyone for your advice.

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