Posted on: 08th Jun, 2010 12:10 pm
I am trying to buy a house, that is in a short sale. I am currently renting the house from the owner. The first lean holder is owed 645K and the second lean holder is owed 135K. We have agreed on a purchase price of 560K the current owner and the First lean holder which is GMAC have agreed to the purchase price of 560K. The problem is the second lean holder Greentree. GMAC has agreed to pay them 28K. Greentree is dragging their feet and after several weeks have just now done thier BPO , which came in at 540K
GMAC is losing their patience with Greentree and said they will on June 30th. Im sure Greentree knows if the first forecloses they will receive nothing. My question is when should I go to the first (GMAC) and tell them I want to buy the house before it forcloses? I am working thru a real estate agent who repersents the seller.
GMAC is losing their patience with Greentree and said they will on June 30th. Im sure Greentree knows if the first forecloses they will receive nothing. My question is when should I go to the first (GMAC) and tell them I want to buy the house before it forcloses? I am working thru a real estate agent who repersents the seller.
Hi JALaRocca,
You can contact the first lender immediately and apply towards the purchasing of the property. If both the lenders agree and if you can afford the cost of the property, you can go ahead with the deal.
Thanks
You can contact the first lender immediately and apply towards the purchasing of the property. If both the lenders agree and if you can afford the cost of the property, you can go ahead with the deal.
Thanks