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So im trying to buy a short sale home (I live in Arizona) Ill try to make this short (sorry) iv been waiting on a bank to approve a short sale so that i may buy it (i waited almost 6 months BAO) Finally it gets approved to sale. the person (realtor) who is helping this guy sell his house (short sale) is also the same that is helping us buy this house short sale (hope it makes sense) So it finally gets approved by BOA for the house to be sold as short sale. Now this guy (realtor) comes and tells us that there is a lein on the house and that he did not know about this, that his client had not told him, Is this possible? would BOA (Bank Of America) known this prior to approving the loan? If im not mistaken this guy took an equity loan. okay so know the realtor tells us that the guy cant (does not have the $) to pay this lein off (they tell us this after 6 months of waiting) so he says he is going to work something out with the Lein holder (bank) ok so he says he does. he comes back to us and tells us that they want about 1500.00 and that they will let go of the lein, Seller did not want to pay this he says he has no money so now realtor says that we will have to pay this money... Does that sound right? ok so he says that at closing date i will have to write a check to Federal Credit Union for 1500.00 to close the lein and for me to be able to purchese this home.. Everything sounds so weird to me.... Please help and any advise would be greatly appreciated... Maybe guide me as where/who i should call or a link to a web site where i can find out if this is right or if there really is a lein on this house.. I waited so long for this house and would hate to give up on it... but things just dont seem right. and as i said this my realtor is the one who is selling this home for the seller and selling it to me. Glendale Flowery Branch Thanks in advance
Thanks everyone for your input. im still confused and of course scared but ill call my realtor today and ask him for proof of this lein (have him show me paper work) And yes the realtor did say we have to pay the guys lein 1500.00 in order to be able to buy this house (since the owner did not want to pay it) Any other input would be appreciated. Thanks
This is the problem when you are using the same realtor as the guy selling. They are having to work both sides of the fence to their own ends rather than looking out for either of you. There is nothing short about a short sale, and you have found that out, having waited 6 months and now having another snag to deal with. What type of lien are they claiming this is? You need to be given proof of this lien and what it is about. This is why if this realtor was yours alone and not working for the seller too, your independent realtor would have gotten this info for you. That isn't to say that this realtor had no idea about the lien, but, they want this to go through at any cost and will try to make it work regardless if it is in your best interest.
Unfortunately, all of this is very common. I have worked many parts of the mortgage business and it still amazes me how many people do not consider a home equity line or loan a lien against their property. There are many questions I have here, but since your the buyer, you most likely cannot answer them, such as does boa own the loan, or do they just service the loan. This is critical as the entity that owns the loan dictates on how much the 2nd lien holder will get paid. Next, how much is owed to this second lien holder? Is the 1500.00 in addition to any funds? Has the agent tried to go back to boa due to the second lien not being disclosed (most title company's will not run title for a short sale until the approval is completed, it's a pain, I agree, but I get where the title company is coming from due to so many short sales not proceeding to closing, they would lose money hand over fist for abstract searches) Next, is the agent kicking in any funds. Again, depending on who the investor is, the agent may be capped or may not be capped on commissions. If you really want the property, tell the agent that you'll split the difference with him, if he balks, walk. Or tell the agent that all parties will have to kick in 500 a piece or you walk. to me, if you like the home, 1500 is not that big of a difference, as after 6 month, if you do walk you'll have to look for a new property if your still in the market and have to start the buying process all over
The seller has a loan with BOA. BOA now approve of the sale. However seller has a lien on the property. What this means is the house owner owned money to a party and that lending party, not necessary a bank, could be a private individual, a contractor who has done work on his property but not paid - bottom line, house owner own money to someone who has gone to court to put a judgement for collection of this money. No property or title deed can be sold or transferred when there is a outstanding judgement lien on the property. Go back to your realtor and ask the house owner to get in touch with me. There are parties who deals in liens. Once this lien issue is taken care of, then the property can be sold with a clean title and the title deed can then be transferred to the new owner clean and clear. There is no cost for you as a buyer in this lien issue. Yes, it is not unusual for realtor to be presenting the buyer and seller. This is how they make their bread and butter and if realtor is not working with the right party, the negotiation with bank can take some time - in your case, it has already taken 6 months. I work with parties who specialiase in judgement liens and am confident we can help your seller in this scenario and move towards a prompt closing. Feel free to email me: firstname.lastname@example.org ros
The real estate agent involved didn't do his duty properly. There is NO reason that this lien was not discovered and worked out before six months had elapsed. That being said, you can check the validity of the lien by reviewing the record of title/deed at your local land office/register of deeds. Any valid lien will be recorded there. If the lien is not recorded, it may not be valid. In any event, you should demand verification of the lien before deciding whether or not you want to pay off the amount requested. As well, insure that Federal Credit Union supplies a valid release of that lien upon payment. If that does not occur, the lien may remain valid, even if you paid monies.
How is it that a preliminary title report was not pulled in the 6 month period? On a short sale or foreclosure it is ridiculous not to pull one. Walk away from the house, the deal, the realtor, there will be more things that pop up on this one.
We have no way of knowing, each case is so personal and different. This is why you never use the listing agent to help you buy the property he has listed. He doesn't have your best interests at heart. As for the second lien and the lienholders offer, ask for it in writing. If you're willing to pay that, then there is nothing else to talk about.
A house typicaly cant be sold with liens. Your lender will ask for a clean title before they will fund the loan
Right? Right on!