A review of my week working short sale deals in Fresno, CA.
Property A:
Received offer in Sept 2011. Two loans on property. After MUCH follow up I receive approval from first and second on same day last week. Property is vacant and seller goes over to get pool ready for inspections and discovers AC unit coils have been stolen from unit on the roof. Homeowners insurance was cancelled as the insurer did not want to insure vacant property and quotes were high. Both lenders were put on notice that property was not insured. Lenders will not pay for AC replacement. Deal in jeopardy
Property B:
Approval letter received from lender and it is short the amount of unpaid taxes. Lender states they have been paid on their side. County tax office still shows outstanding. Ask lender for new approval letter. Lender said investor may not approve as their net will go down. Really? We are talking less than $1,000!
Property C:
Lender 2 stated they wanted no less than $10,000 on a $50,000 note. Put it on HUD and sent to Lender 1 and thought no way would they approve it. Lender one sent a counter offer for $20,000 over fair market value, decreased commission but did not make any changes to the junior lien.
And that was just this week! Wonder what next week will bring.
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