Comments on: Short Sales With Multiple Loans and Liens http://shortsalesr.us/short-sale-how-to/short-sales-with-multiple-loans-and-liens/ Selling a House When You Cannot Pay Off the Bank Sat, 05 May 2012 23:57:31 -0700 hourly 1 http://wordpress.org/?v=3.1.3 By: Tim Burrell http://shortsalesr.us/short-sale-how-to/short-sales-with-multiple-loans-and-liens/comment-page-1/#comment-8273 Tim Burrell Thu, 28 Jul 2011 13:06:10 +0000 http://shortsalesr.us/?p=324#comment-8273 If the seller had $5,000 it might not be a bad idea. Many of my sellers are completely tapped out, so it would not be possible. If you can get the seller to contribute, it helps the negotiating because the lenders like to see something from the seller. It particularly helps with back HOA dues because some lenders will disapprove putting those charges on the HUD closing statement, so they have to be paid by someone else. My most frequent solution to that is to have the buyer take the property with unpaid HOA dues and let the buyer settle with the HOA after closing. Of course, some buyers will not do that, so you need a plan B. If the seller had $5,000 it might not be a bad idea. Many of my sellers are completely tapped out, so it would not be possible. If you can get the seller to contribute, it helps the negotiating because the lenders like to see something from the seller. It particularly helps with back HOA dues because some lenders will disapprove putting those charges on the HUD closing statement, so they have to be paid by someone else. My most frequent solution to that is to have the buyer take the property with unpaid HOA dues and let the buyer settle with the HOA after closing. Of course, some buyers will not do that, so you need a plan B.

]]> By: Nick http://shortsalesr.us/short-sale-how-to/short-sales-with-multiple-loans-and-liens/comment-page-1/#comment-8260 Nick Mon, 27 Jun 2011 19:17:56 +0000 http://shortsalesr.us/?p=324#comment-8260 Would it be terribly unconventional - and or offensive - to ask the seller to place $5000 in escrow to use in negotiating multiple leins? i.e. 1st mortgage, 2nd mortgage, Home equity line of credit, 3 years of unpaid HOA fees? Would this type of counter offer surely get rejected? Has anyone ever heard of doing anything like this? Would it be terribly unconventional – and or offensive – to ask the seller to place $5000 in escrow to use in negotiating multiple leins? i.e. 1st mortgage, 2nd mortgage, Home equity line of credit, 3 years of unpaid HOA fees?

Would this type of counter offer surely get rejected? Has anyone ever heard of doing anything like this?

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