Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
Move on to another property. There is NOTHING you can do in this case.
Kawain Payne, Realtor
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Dre License #01712757
Broker Associate/EcoBroker Certified
If your purchase goes through, the seller walks away with nothing. The lender gets the net proceeds of the sale.
If your seller rents the house, he can pocket the rent until the lender forecloses.
It looks like itâ€™s time for you to move you focus to another property.
My best advise is to move on to another listing if the agent representing the seller will not provide you with a clear answer. I deal with so many agents every day throughout the Country and it is unfortunate as many do not properly educate and motivate their clients from the very begining.
There are plenty of other and with time I am sure you will find another home.
HOWEVER, you should have your agent investigate a bit more. How much are these sellers negative with their equity? Do they owe $800K & the property is worth $500K? Your best option at this point is having a 'meeting of the minds' of sorts,,,the owner needs to sit back & say "hey, how long is going to take me to break even on this house? Should I be taking advantage of the mortgage debt forgiveness act NOW before it expires at the end of 2012?
The owner needs to know that even though they missed payments (if that's the case), they could still purchase another home again, maybe even in the same neighborhood in 12mos.
Let me know if you have any questions, I can also look into this for you, by checking to see what their approx. loan balances are. Email me directly, I won't re-post on this same thread.
The Bremner Group at Coldwell Banker
Blogging at http://WWW.thebremnergroup.com/blog