Home Buying in 85032>Question Details

Rachel Joy, Home Buyer in 85032

I made an offer on a short sale that was previously approved by the lender but the buyer walked. I just found

Asked by Rachel Joy, 85032 Wed May 13, 2009

out that it actually has two liens on it, first through countrywide and second through America's Wholesale Lender. Am I wasting my time on this? It's been about a month now.

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6
Rachel,

We're almost on the same boat. I made an offer on a short sale property thinking that it has only one lein. I emphasized to my realtor that I can proceed if thios property has only ONE LEIN. After almost 2 months, I got the approval . Then, he said , we still have to wait for another approval. WHAT??? That's the time I found out that the property have 2 liens, BOA & WF. I've spent a lot already prior to appraisal and now, I'm still waiting for the approval from WF.

With the amount of time, money & effort that I've spent on this property and with the extension of the closing date,we might as well wait a little more.
I made the offer last March, got the 1st approval last May 26th, now I'm still waiting for the 2nd & it's July now.
I like the house and it's closer to work & school that's why.

Good luck .... but if you think you can't wait longer than 4-6 months, DON'T PROCEED. It's really a headache,....probably MIGRAINE , to best describe the pain... lol..

Also, I hope your realtor is honest & will be on top of everything especially when making follow-up calls to the listing agent and relaying back to you the current status.
0 votes Thank Flag Link Sat Jul 3, 2010
This may be the house we had accepted and the day before closing we got an e-mail from the mortgage
broker that they the title company found 2 liens on the house, and before they could close we would have to
pay $13100.00 more before closing the next day before 5pm. I believe many of these if not most are a scam,
to get the seller to take a lower price and then someone related to the sellers, bank, mortgage company or realtor gets a kickback and it goes to a flipper, etc. We were devastated, we just purchased new appliances,
had scheduled contractors and movers. This was on the word of the agent that was aware we were doing this.

This would not have happened a few short years ago. Our good ole USA has changed for the worse!! MY GOD HELP US!!!
0 votes Thank Flag Link Fri May 21, 2010
Rachel,

It takes a long time to get an accepted offer! The listing agent should be able to answer the question! The agent should have all information from the bank!

If they have had an approval, there should be a good chance that it could move quickly!

Feel free to contact me if you have any other questions!

Lucinda Tkach
Winderermere Central
0 votes Thank Flag Link Fri May 15, 2009
Rachel,

This is a question best answered by your Buyers Agent that you had write the contract and present to the listing agent for the property.

If you don't have a buyers agent and used the listing agent to present and represent you, then you need to ask them directly.

All The Best!

Stew Keene
Inspire Realty Group
GRI, ABR, E Pro, MRE, CNE, AHWD
0 votes Thank Flag Link Thu May 14, 2009
The holder of the 2nd mortgage will likely get no more than $1000. The holder of the 1st usually demands that as a condition of settling for less than full pay-off. They know that if it goes to foreclosure, the 2nd is wiped out completely and gets nothing.

Often the 2nd understands their role in this and agrees, provided that the owner has not been derogatory or rude to them in this process.

If the price is right and the house is what you want, be patient and prepared to wait a couple of months. The first is the hard part. You can consider buying the 2nd note yourself (pennies on the dollar) if that is what it takes to get the deal done. Talk to the 2nd and see what they will take if they don't bite on the $1000.
0 votes Thank Flag Link Thu May 14, 2009
Many listing agents are using the verbiage " approved Price" honestly, I have found this means nothing. Be prepared to wait. With 2 loans, it is increasing difficult on a short sale as the first and second, have to agree. Short sales are a tedious process, so you will have to be patient. Best of luck
0 votes Thank Flag Link Wed May 13, 2009
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