This month marks the anniversary of a short sale that I've been working for one year.
I have tons of interest in the property. Buyers call all the time. I have a cash buyer right now who offered full price and is sticking with this deal in hopes of getting the $8000 tax credit and because he plum loves the property.
Here's the HUGE issue:
The first mortgage - US Bank - approves the deal. But they won't issue an approval letter until the second lender agrees and sends their lien release / approval letter.
The second mortgage - Chase being negotiated by a third party Tate & Kirlin - semi-approves the amount they're being offered, but won't issue an approval letter until the first mortgage issues their approval letter.
Huge Catch 22 dilemna.
I have an attorney avidly working the file. I'm working the file. The seller is working the file. Heck, the buyer is even offering a little more cash and trying to come up with other ideas.
We've gone to supervisors, we tried to get Tate & Kirlin dumped so we could work directl with Chase. NOTHING is working.
At this point I feel [after a year] that if I can't get the two lenders to agree then the property will go to foreclosure and EVERYONE is working to make this thing happen but we're being hung up on silly paperwork.
Has anyone faced this dilemna before and have any advice?
Much thanks in advance if you have any out-of-the-box ideas.