All Forum Posts by: Chi Soul

What is that?

After a few months of dealing with Ocwen after saxon sold the loan I was told one week ago that Ocwen has all the paperwork and a relationship manager can call my client on october 25th. The person in india couldn't tell me what the call would be about or what the status of the short sale is.

Is this a good or bad thing and what should i be looking forward to?

any help offered would be greatly appreciated.

Thanks in advance

The 2nd we just found out about after a month [owed $3,000] is asking for the original payoff amount from the 1st, and an approval letter from the 1st with the amount they'll accept. After that they state they must schedule an appointment with their attorney who will then get 7 of their 9 board members together to decide if they will take the $300 offered settlement. This will take up to a month I'm told.

Is it normal for them to ask for an approval letter from the 1st with the amount they'll accept? The only reason I ask is because I'm under the impression that when the 1st gives an approval letter they'll want to close shortly after.

Andy: That was the price quoted by the clean up company after their visit. Glad it wasn't more.

Steve: I apologize. This was meant to be a "how should this closing be structured post than a meth lab post. I guess i should have chosen a better title.

If anyone has ideas on how to structure the closing i'd greatly appreciate hearing them. Thanks in advance

yes

I currently have a property under contract that I am flipping to another investor. The day we were to sign the contract I was informed by a neighbor of the property that 3 individuals were arrested for cooking Meth in the home & it is currently under quarantine until it is cleaned & inspected. Police say a lien will be put on the home preventing it from being sold until the quarantine is removed, but as of yet I have seen no lien. It will cost $5,00 to sanitize the home and have quarantine removed.

I told the investor that I will just reduce his purchase price by $5,000 & he can pay to have the home cleaned. He will come to closing with the same amount of money, it just gets distributed differently. I also told him about the possible lien, which may force us to structure the deal creatively so he pays the $5000 and not the current owner, and still gets the deed. The investor does not want to pay $5,000 to have a property cleaned that he does not own which makes sense. He also does not want to buy a home under quarantine indefinitely. Because of this I have told him that before closing he can sign an contract with the contractors to do repairs for $5,000 to guarantee that price.

What's the simplest way to structure the deal so the investor is guaranteed ownership in the property after he pays for the cleaning if in fact the deed cannot be transferred until after the quarantine lien is removed?