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  • Jeff Payne September 13, 2011 at 9:33am
    More information, buyer will do a wrap around with whom? 
    • monique nerkowski > Jeff Payne September 13, 2011 at 9:38am

      Buyer will do a wrap with seller.

      the house is listed at a fair price, the offer came in as a wrap around on the mortgage, now it turns out the seller did not disclose a lis pendens. Can agent proceed with a short sale?

       

       

      • monique nerkowski > monique nerkowski September 13, 2011 at 9:39am
        That is not very clear either. Sorry 'bout that.   Buyer wants to do a mortgage wrap with seller who did not disclose lis pendens.
        • Jeff Payne > monique nerkowski September 13, 2011 at 9:42am
          It all depends on if the sale is short.  A lis pendens does not necessarily mean that you have to do a short sale.
          • monique nerkowski > Jeff Payne September 13, 2011 at 9:48am

            Oh most likely they owe more than what it is worth. They have refinanced a couple of times in the last few years. Lis pendens is for non payment. Bank filed.

      • Jeff Payne > monique nerkowski September 13, 2011 at 9:39am
        Sure you can do a short sale but won't be able to do a wrap around with the seller.  What is the lis pendens for?  Do they owe more than what it is worth?
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