Help Please..

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I have a short sale going and I faxed a letter to the 2 junior lien holders stating that I am working with the first to assign me the loan and keep me in first position. I am willing to pay them .10 on the dollar 1200.00 and 1300.00 for their release of 12000, and 13000 dollar loans. I told them that there were 47K worth of repairs (did not say what type) but included non structural ones in this estimate.

I received a call from the number 2 and they said that they were going to give it to their legal dept and for me not to be suprised when I get a call from them asking what this is all about, this person insinuated I had committed fraud, she used that term.

I have done nothing fraudulent that I can see, can anybody else?

The seller might have as he got the second from 1 lender and the third from another just a couple days apart.

What do I do here?

Thank you for your help.[ Edited by REPrincess on Date 06/17/2004 ]

Comments(4)

  • 64Ford16th June, 2004

    Just curious what happened here. Heck, you were trying to do them a favor. Some money is better than nothing!

  • REPrincess17th June, 2004

    Well number 1 accepted my offer, number 2 I am waiting on as they wanted a net sheet and appraisal from number 1, and number 3 has accepted my offer.

    Problem now is number 1 wants to close in 6 days and two of them are Sat and Sun. All financing was in place 2 months ago when I started this and now there is no way I can close this in 4 business days. And number 2 has not given me a approval of my offer yet.

    Lot of time and work spent here for nothing. I could go and buy it from the courthouse steps I think.

    I am not sure at this point what I can do. All hard money lenders want 30 days to fund the deal and we dont even know what number 2 is going to say.

  • pushcart17th June, 2004

    I have heard that hard money lenders can approve funds in less than a week, that is why their fees are so high. I would search out more HM.

    Just curious for Short sale investors out there. Could REPrincess up her offer for the lien holder that has not accepted yet?

  • REPrincess17th June, 2004

    Well I got a call from number 1 after leaving many asking to have the date changed. They said with a 3000.00 Non Refundable deposit they will postpone the sale date until July 15th.

    The house has about 10K worth of repairs and is being bought for a total of 145,500. ARV is 200 - 210K. I just want to assign this contract. Any takers?

    The house is in New Port Richey Florida. go to my profile and my website for 3 pictures and some info.

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