Re: I'm totally lost.

Posted by Thomas K on November 02, 2002 at 07:19:47:

In Reply to: Re: I'm totally lost. posted by Jim V on October 23, 2002 at 03:01:54:

: I'm sorry, Missy, but I have absolutely no clue what you are asking. I think you sold your old home and are having problems with a purchase, but I really can't tell. I'm better with numbers and isolated transactions.

: If you could post a reply to this post with distinctions between the property you sold and the property you are trying to purchase, I hopefully will understand it better.

I think what happened is they moved into the new purchase, before the final closing. Now are stuck between A Rock, a Boulder, and a hard place (1st Mortgage, 2nd Morgage, Owner) ;)

What I gather from it, and I only scanned it, easier to read that way.. The Owner of the house, that she was/is buying from, owes more on the 1st and 2nd mortgage, then he is selling the house for. She has been told to sit tight by the owner's lenders (I presume) and her realtor, saying they are fine for the next month (which they are 3 weeks into).

She is wondering if the mortgage holders would flip it quickly to her for the same offering price, instead of trying to sell for more to recoup all funds.

My guess? they'd rather have a quick sale if possible, and the 2nd mortgage holder would take a loss or claim a judgement against the present owner if possible..

Hope I have this right?

Thomas K

Notice: the insight contained herein is that of an amature, attempting to understand the expert, sifted through some badly formated text. ;)

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Comments:
: : I'm sorry, Missy, but I have absolutely no clue what you are asking.  I think you sold your old home and are having problems with a purchase, but I really can't tell.  I'm better with numbers and isolated transactions.

: : If you could post a reply to this post with distinctions between the property you sold and the property you are trying to purchase, I hopefully will understand it better.  

: I think what happened is they moved into the new purchase, before the final closing.  Now are stuck between A Rock, a Boulder, and a hard place (1st Mortgage, 2nd Morgage, Owner) ;)

: What I gather from it, and I only scanned it, easier to read that way.. The Owner of the house, that she was/is buying from, owes more on the 1st and 2nd mortgage, then he is selling the house for.  She has been told to sit tight by the owner's lenders (I presume) and her realtor, saying they are fine for the next month (which they are 3 weeks into).  

: She is wondering if the mortgage holders would flip it quickly to her for the same offering price, instead of trying to sell for more to recoup all funds.

: My guess? they'd rather have a quick sale if possible, and the 2nd mortgage holder would take a loss or claim a judgement against the present owner if possible..

: Hope I have this right? 

: Thomas K

: 
: Notice: the insight contained herein is that of an amature, attempting to understand the expert, sifted through some badly formated text.  ;)



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