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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] A short sale requires lender's cooperation. Posted by Ward-CA- on April 13, 2002 at 9:03 AM In Reply to: Oregon foreclosure posted by Tim on April 11, 2002 at 6:34 PM : Never seen this at your site and sure appreciate input: : Trashed home in good neighborhood listed over 15 months by realtor for 119k/offer. For over a month we could get no straight answers on property. We are low on cash and good at rehab so started to dig up info ourselves to pursue. We bid 84k..rejected. OWNER contacted us & says he will accept offer, his attorney says he can, the note holder(savings & loan) say owner can sell till auction but the loan co. trustee appointed says NO! Can they? (It also appears the sellers broker is interested in this property as we've found he owns next door!!) : We prequalified for a loan but don't have "hard money" to bid at auction. : FACTS: : Tax value 129K. Loans & penalties up to 145K. Owner declaired chapter 7. Scheduled for foreclosure auction 4/19/2002. Are we way out of our league or what !!!?? Is there anything we can do? Any wise one know what's likely to happen in case like this?? Thanks for any input. =•=•=•=•=•=•=•=•=•=•= Tim, the owner can’t give you clear title to the property without the cooperation of the current lender. If the current lender’s loan payoff amount is higher than what the seller is willing sell the property for, you’re not going to be able to proceed without the lender agreeing to take a lesser amount than what’s owed them. So the negotiations at this point have to be with the lender. Obviously, if the lender is being asked to take a loss, they’re going to want to make sure that the seller is getting nothing out of the sale. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Never seen this at your site and sure appreciate input: : : Trashed home in good neighborhood listed over 15 months by realtor for 119k/offer. For over a month we could get no straight answers on property. We are low on cash and good at rehab so started to dig up info ourselves to pursue. We bid 84k..rejected. OWNER contacted us & says he will accept offer, his attorney says he can, the note holder(savings & loan) say owner can sell till auction but the loan co. trustee appointed says NO! Can they? (It also appears the sellers broker is interested in this property as we've found he owns next door!!) : : We prequalified for a loan but don't have "hard money" to bid at auction. : : FACTS: : : Tax value 129K. Loans & penalties up to 145K. Owner declaired chapter 7. Scheduled for foreclosure auction 4/19/2002. Are we way out of our league or what !!!?? Is there anything we can do? Any wise one know what's likely to happen in case like this?? Thanks for any input. : =•=•=•=•=•=•=•=•=•=•= : Tim, the owner can’t give you clear title to the property without the cooperation of the current lender. If the current lender’s loan payoff amount is higher than what the seller is willing sell the property for, you’re not going to be able to proceed without the lender agreeing to take a lesser amount than what’s owed them. : So the negotiations at this point have to be with the lender. Obviously, if the lender is being asked to take a loss, they’re going to want to make sure that the seller is getting nothing out of the sale. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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