Re: Get used to it. - Posted by Jerry in Illinois
Posted by Jerry in Illinois on March 29, 2006 at 22:09:57:
The first is the one who filed the foreclosure. I sent a comprehensive short-sale package, with a copy to the second lender. Aside from all the financials the lender wanted, were the contract, HUD-1, title search, repair schedule, pictures, etc.
The first was matter-of-fact with me, asking if the second is aware that they’re in no position to be difficult, that they’ll get wiped out at auction. The second’s rep said, yes, they know that.
The first is for $360K, the second for $120K. The property appraisal by the first lender just came back at $360K. My contract offer was for $300K, figuring $285K for the first and $15K for the second. The first gave me a verbal, plus a fax saying $330K. I offered the second $12K as a start. They wouldn’t counter, insisting they see a commitment letter from the first. So even if I raised the stakes to meet the first’s counter of $330, they won’t accept it until I have a commitment letter from the second.
I’ve asked both lenders to confer within their departments to come up with an idea to get us past this roadblock. I’ve never had this happen before. Are you saying that it’s the rule, and not the exception?