How often has the listing agent been following up and does the lender have all the required docuementation? Has the cases been assigned to a negotiator? How long has in been reviewed?
When a buyer purchaser makes a offer on these transaction they need to understand the potential delays.
The other thing can the buyer extend the lease at there current apartment?
Wish you luck!
First Weber Group
Certified Distressed Property Expert
I'm not sure about whether or not the sellers are paying. I believe that they are and I believe that they would continue to do so. This was just a thought that I had to help my buyers. I don't believe anyone is intentionally or unintentionally trying to commit fraud. I'm simply trying to hold this deal together in the best interest of all parties. In addition, I would only draft an amendment to the original offer regarding occupancy. I wouldn't think of getting involved in the actual rental agreement, although I would ask that one be drafted and reviewed by attorneys on behalf of both parties. I appreciate the feedback.
I'll go out on a limb here and ask you if the seller's are still paying their mortgage and are just trying to get out from under a bad situation. If they are NOT paying their mortgage and are thinking of accepting rental income on the property and just pocketing the cash, that could be considered mortgage fraud.
I would speak to an attorney who specializes in real estate law before you considered this route.
And Peter, I'm not trying to be mean or anything here but be careful what you post on public boards as it may come back to haunt you...Especially if you knowingly helped to commit fraud..
The bank has all the power with short sales. I would think twice about putting my client in that situation. You have no guarantee that this deal will ever come together.
I hadn't thought about the eviction. That is why I'm asking the questions here. And yes, the listing agent is very diligent in pursuing all avenues including using a CDPE packet in order to make sure that everything needed was, in fact, included. We correspond regularly and no, it has not been assigned yet and have had it for six weeks. I have found in past short sales I have done that the problem always begins with the intake person who never seems to know what they're doing. That is where this stalled. And although the listing agent is, I believe, is doing everything possible on their end, I'm afraid we're not going to get closed on time.
Buyer cannot extend lease. Already tried that. Their only option is to move, which is what made me think of this. If they have to move anyway, I thought perhaps this might be a viable option.
And decided that I would only suggest this after there is short sale approval for the offer on the table. If for some reason it goes wrong it could be a problem to evict the person---and you would not want necessarily want the person in the home if it came back on market.
They should have a clause in their lease that says they can go month to month--or perhaps could find a month to month solution. Yikes! Good luck!