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Answers (5)
- Dan Tomasi, "Dan Tomasi"
- Contributions:60
Oscar:
In a short sale all lien holders have to agree to the short sale. If there are three liens all have to have some sort of written release letter that would allow escrow to close. My best advise to you is to make sure that agent doing the Short Sale knows what he or she is doing as it relates to Short Sales. They are an exercise in persistence, patience, and knowing the requirements... If your offer is really low, expect the bank to counter.
I manage and negotiate the short sales for my office and have seen everything happen that you can imagine. If you need any advice, feel free to reach out.
Good Luck
Dan
In a short sale all lien holders have to agree to the short sale. If there are three liens all have to have some sort of written release letter that would allow escrow to close. My best advise to you is to make sure that agent doing the Short Sale knows what he or she is doing as it relates to Short Sales. They are an exercise in persistence, patience, and knowing the requirements... If your offer is really low, expect the bank to counter.
I manage and negotiate the short sales for my office and have seen everything happen that you can imagine. If you need any advice, feel free to reach out.
Good Luck
Dan
- Paul Dinerstein, "Long Island NY"
- Contributions:64
Oscar,
Your ability to cancel is totally dependent on what your sale contract stipulates.
In your 1st post you said "2 or 3 liens." Lisa gave you good advice if they are mortgage liens...but they may be other types of liens also. Check them out.....Paul
Your ability to cancel is totally dependent on what your sale contract stipulates.
In your 1st post you said "2 or 3 liens." Lisa gave you good advice if they are mortgage liens...but they may be other types of liens also. Check them out.....Paul
- pancakez
- Contributions:2
Great, thanks for the replies!
A followup question: If we make an offer, we can still cancel it at any time until the bank accepts, correct?
A followup question: If we make an offer, we can still cancel it at any time until the bank accepts, correct?
- Lisa Lentz, "Lisa Lentz"
- Contributions:25
From my past experience, the sale can only be completed when all lien holders accept. Typically the first lien holder has to work with the 2nd lien holder to obtain agreement that they receive a certain amount or in most cases, receive nothing as part of the sale. Either way all lien holders must accept. Having multiple lien holders on a short sale will significantly increase the time it will take to obtain an approval. Otherwise, if acceptance was not obtained, the title would not be a free and clear (marketable) title. Same would apply if the seller has not paid their property taxes and their is a tax lien in place.
Hopefully you are working with a buyer agent since short sales have a lot of moving parts. For instance, you don't want to pay for your inspections until AFTER you have received approval from the seller's lien holder. You would hate to pay around $1000 for inspections only to find that the seller's bank does not accept your offer.
Good luck.
Lisa Lentz
Bean Group
603-766-1980 office
603-973-2052 cell
Hopefully you are working with a buyer agent since short sales have a lot of moving parts. For instance, you don't want to pay for your inspections until AFTER you have received approval from the seller's lien holder. You would hate to pay around $1000 for inspections only to find that the seller's bank does not accept your offer.
Good luck.
Lisa Lentz
Bean Group
603-766-1980 office
603-973-2052 cell
- Paul Dinerstein, "Long Island NY"
- Contributions:64
Hi Oscar,
Generally I think you are correct. It may be more accurate, though, to get on the phone with a real estate attorney in that area and ask if all liens need to be released by the holders.
If you need lien specifics use the phone to find out where the records are kept. You may find that a personal visit to the recordkeeping site could be enough to get someone there to show you how to view the liens without having to pay an attorney or title company to do it....Good luck....Paul
Generally I think you are correct. It may be more accurate, though, to get on the phone with a real estate attorney in that area and ask if all liens need to be released by the holders.
If you need lien specifics use the phone to find out where the records are kept. You may find that a personal visit to the recordkeeping site could be enough to get someone there to show you how to view the liens without having to pay an attorney or title company to do it....Good luck....Paul
Short sale with multiple lien holders in New Hampshire
Me and my wife have found a very interesting property. The downside is that it's a short sale with 2 or 3 lien holders. I'm trying to research as much as I can to see if it's worth it to go through the short sale process.
The seller's listing agent says that multiple lien holders doesn't matter. It's only the first lien holder who can accept or deny the offer and that's enough.
From what I've read, this is not correct. All lien holders have to accept the offer. Am I correct, or do different rules apply in New Hampshire?
Any advice would be greatly appreciated. Thank you.
Oscar.
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