We received an approval of short sale on Sept 3, 2009. No mention of PMI. Now we are closing tomorrow and upon review by negotiator, suddenly PMI is noticed and sent the information. They come back requesting $25,000 promissary note payable at 0% int for 7 years at about 296 per month.
We were to close tomorrow!! Buyer has movers planned, Seller has taken day off work, and Wham! We are hit with this killer info that totally blows us out of the water! Unbelievable!
Did the Negotiator miss it? Whoever is responsible, does not matter. Probably will not close and Seller will not pay a dime to PMI. CMG is PMI company. I realize we can surely negotiate down, but Seller will not pay a dime at this point. She says "let if forelose"!!! I am done!
Buyer has given notice to Landlord, and have movers coming in two days!
I have emailed all my "resources" for training and loss mitigation contacts for help. Hoping for a miracle by tomorrow morning.
Help for Buyer of waterfront property that has lost frontage due to Damn water release...
Situation: Buyer purchased lakefront property on land contract with 121' frontage. They have been making payments for 3 years. This spring water was release from a Damn to help protect "cricket Frogs" in the area. Now the land has only 74' of frontage and Buyer can no longer build the home they had planned to build. Furthermore, current setback rules will only leave about 14' of buildable area, thus it may not be possible to build at all!
Questions: 1. What options are available to buyer? They already have about $100k invested in property. They do not want to walk away, but may not have a choice.. 2. If they decide to keep property, can they renegotiate land contract terms? 3. Seller has existing mortgage. What are chances of short sale with 1st mortgage? 4. If determined unbuildable, can Buyer Sue the Seller for non-disclosure, and have investment refunded? 5. Any other ideas?
I feel Buyer should get new appraisal if interested in keeping property and offer to amend land contract to current market value pricing. Will likely be 50% of original purchase price.
I have just spent 3 days in a real estate workshop learing how lease options can be a welcome option to good people who just can't get a mortgage right now due to excessive Lender guidlines.
If you have to rent, why not get something back? For a modest option fee a Buyer/Tenant can control the property while they make the necessary corrections to their credit or take the time necessary to satisfy the Lender enough to approve the mortgage. Then they can "refinance" the home when the time is right.
Of course everything is negotiable, so work out a deal with the Seller that is a win-win for all parties involved. Feel free to contact me with questions or help in gettting a deal that works for you.
Ray Spitler www.MBShomes.com (989)607-6252 Keller Williams Realty
Ray Spitler | Keller Williams Realty | (989)737-8042
5864 McGrandy, Bridgeport, MI
Charming home situated on a large fenced country lot.
3BR/1BA Single Family House
offered at $79,900
Year Built
1960
Sq Footage
1,368
Bedrooms
3
Bathrooms
1 full, 0 partial
Floors
1
Parking
1 Covered spaces
Lot Size
.35 acres
HOA/Maint
$0 per month
DESCRIPTION
A charming home situated on a large fenced country lot just down the road from Frankenmuth! 13 x 14 Heated Florida Room, Central Air, Open floor plan, extra large family room with a wood-burning stove, new flooring, updated kitchen with oak cabinets. Hardwood floors under carpet. New roof in 04, newer sump pump and water heater, 12 x 16 shed, and carport could easily be converted to garage. Huge covered porch in back to enjoy the country privacy. Great price for this home and location!
Ray Spitler | Keller Williams Realty | (989)737-8042
8431 Goldfinch, Freeland, MI
NEW PRICE and Quality upgrades throughout make this spacious home
better than new!
4BR/2.5BA Single Family House
offered at $225,000
Year Built
2003
Sq Footage
2,341
Bedrooms
4
Bathrooms
2 full, 1 partial
Floors
2
Parking
Unspecified
Lot Size
.21 acres
HOA/Maint
$0 per month
DESCRIPTION
Convenient Falconcrest Subdivision is close to schools. Open 2-story great room with corner fireplace. Large open kitchen with granite countertops, pantry, breakfast bar, eating area and hardwood flooring. Formal dining room or den, main floor master suite with generous walk-in closet and jet tub. Main floor laundry, Large family room and workshop area in finished lower level with egress window, sprinkler system, custom exterior lighting, finished garage with epoxy sealed floor, brick patio and no neighbors in back. Well maintained and move-in condition!
Ray Spitler | Keller Williams Realty | (989)737-8042
1957 Nature Ln, Saginaw, MI
Just Reduced! Nature Lover's Dream!
3BR/1.5BA Single Family House
offered at $109,900
Year Built
1996
Sq Footage
2,048
Bedrooms
3
Bathrooms
1 full, 1 partial
Floors
2
Parking
Unspecified
Lot Size
4 acres
HOA/Maint
$0 per month
DESCRIPTION
Attention Nature lovers & hunters! Want privacy? This is NOT A DRIVE BY! You must see inside this unique home that is tucked away in the trees and secluded on 4+ heavily wooded acres. When the leaves are full, it will be completely hidden from the road. 32x32 pole barn is attached to the home. Generous sized rooms, 2nd level deck, patio, first floor laundry, radiant heat on first level, maintenance free! Priced to sell quickly.
Real estate in Saginaw, Midland and Bay County Michigan! Listings, Short Sale Specialist, Market conditions, activity, schools, relocation, Investing, help for homeowners to sell regardless of mortgage balance. Help avoid foreclosure.
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Central A/C
Central A/C
Family room
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