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Updated about 8 years ago,
Help in Wine Country!
Good Morning! I am in an escrow and the seller is behind 25k with a VA loan that Caliber home loans is holding. The payoff is 346k which includes the debt. I have a buyer under contract at 375k no concessions. There is also a solar system on the property at $107.13 per month for 19 years and an HOA at 99.00
The buyer has a judgement hanging on to them in space causing the underwritter to not approve a loan. So basically they can't qualify unless this 8k debt is paid. The buyer asked their brother to lend them the 8k he said "No".. I asked the buyer's agent, who is related to the buyer's if he would credit them his comission 8k. We are each willing to throw in 4k to close the deal.
My primary concern is that the seller will loose his securtiy clearance and his job if we don't sell. Would you:
A) borrow the 25k from a HML and keep the property listed and keep the current buyer?
B) Aquire the property Subject 2 even though the home wouldn't cash flow.
C) Cancel the exsisting deal slash the price on the home and find a new buyer.
D) Pay the debt between agents as a credit?