wrap around
I made a quick search to see about this question. What if a buyer wants to do a wrap on a short sale. Is that possible?
thank you
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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More information, buyer will do a wrap around with whom?
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Permalink Reply by monique nerkowski on
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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?
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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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That is not very clear either. Sorry 'bout that. Buyer wants to do a mortgage wrap with seller who did not disclose lis pendens.
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It all depends on if the sale is short. A lis pendens does not necessarily mean that you have to do a short sale.
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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.
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That would be pretty important to know:)
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True. This is not my listing. why the agent didnt pull a listing packet I dont know, she's been in the business longer than I have. She knows better.
So I thank you for verifying my suspicion that she really cant do a wrap on this house. Agent may have to find another buyer for this house now that this is disclosed.
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Harry, these are good questions. I personally am not familiar with wraps but will pass these questions on.
thank you
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Permalink Reply by Joshua Gayman on
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Yes Harry I believe you are correct.
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+1 on that Harry.
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