Please let me know if I can be of assistance. No need to tell you how important it is to have someone solid in your corner, when making such significant investment.
Have a great day. Alan (908)421-0110... more
Center: My answer stands as is but I'd like to add comment on Laura's and John's answers. They are very knowledgeable and certainly not wrong here BUTâ€¦
While it is true that the relationship with the lender being shorted is that of one only between the seller and his lender, your question was specifically about "mortgages," as in plural. While the same confidentiality applies, I'm all most certain, so John and Laura are right, Laura doesn't understand why you need any information.
Well, according to what I've been told by an attorney who handles a ton of these things, probably more than any single agent, some of the "peculiarities" that I mentioned include paying off secondary claims against the property. While the seller is responsible and not the buyer, to be sure, the seller is already in distress and may not be able to pay them off. The lien holders are under no obligation to reduce or cancel the indebtedness. (The property is NOT in a foreclosure process.) This can result in a three-way tug of war, with primary lien holder refusing to allow enough â€œshortageâ€ to pay of any or all other debt, the other debtors unwilling to take less than the full amount and the seller having no resources to pay off anybody.
Who is the guy in this transaction who is the only source of new funds to pay off all these debts? The buyer! (A very low value question on my new TV show, "Who wants to be a millionaire by buying a "great deal" in the distressed property market.")
So, you were wise to want to see the lay of the land in debt load before deep involvement. If the seller wants to get out from under, failing to clarify his, her or their financial needs is not the best way to encourage offers, privacy concerns or no.
If you are bargaining directly, without a Realtor, thatâ€™s ok, it is legal after all, but the seller probably has a clause in his listing contract that says all negotiation will be through his agent. If it were otherwise, we'd have chaos of different details and communications. The original owners of New Jersey did just that in colonial times and some land was sold twice, once by the proprietors and once by their agents, It only took 200 years of trying to settle that one and I think some cases never where resolved.
Hello New Buyer,
The house is currently under attorney review.
If interested, I will let you know if deal falls thru.
Plenty of great buys out there..
I'm an East Bruns. Broker and Top Producer..
Contact me if you need help.
Good luck.... more