I took on a challenging listing earlier this year, with the conviction that I could, of course get it done, and look like a magician pulling a rabbit out of a hat.
Oh, boy. Here is the abbreviated back story:
- My seller purchased a condo at the beach on the courthouse website for $8000.
- This was an association foreclosure, subject to the first lien.
- My seller didn't really know what he had just done.
- The first lien is for $220K roughly.
- The lender has started foreclosure proceedings against the absentee note holder who abandoned the property (and took all the appliances and surprisingly, the bath vanities from both baths).
- Locating the absentee note holder was an adventure itself, requiring Dog the Bounty Hunter (not really, but much more colorful).
- Absentee note holder has been through bankruptcy and discharged of all debt (as explained to me, I'm not an attorney)
- We can't start a short sale without the absentee note holder's info (social security number, loan number, all necessary docs for the standard short sale process.)
- All conversations with the absentee note holder's bankruptcy attorney, and their communiques with their client have yielded nada, zip, zilch.
We are now on our 3rd offer, the first two walked, and then, wonder of wonders, the first buyer came back. Again.
I've just emailed everyone the executed contract, and am considering sending it to the law firm who is pursuing a foreclosure for the benefit of the first lien holder.
Tell me, O Wise Ones on AR, what would you do with this NOW? !
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