All Forum Posts by: Jose Tovar

Excellent Scott. Thank you. I figured as such that when the time came to present the purchase contract I would have to disclose the buyers affiliation to the seller because I don't want to violate any disclosure rules. This is exactly why I asked for some input.

My first time seeking advice from the BP community and I have to say it was absolutely helpful. Thanks guys!

Thanks for the feedback guys. So the details are as follows:

1st mtg
EMC 308k

2nd
Private 100k

comps in area are 190-200k

Jon - To answer the last part of your response, i think you're right on. Him being a private lender using his own money as the second i think he sees the short sale as a way to not loose his 100k with nothing to show for it. I understood that part of their thinking. I'm just concerned the bank is gonna say NO because he stands to gain from the SS.

I have SS clients who want to sell to their 2nd lien holder who is an associate of theirs. This individual put up 100k to help with the purchase/construction of the house which belongs the couple who are my clients.

My question is will the bank have any issue with selling to the second? I am concerned that they will consider him a party to the home and should not be allowed to profit from its short sale.

Thanks