Negotiating with the bank
I'm under a contract to buy a fixer and the title company notified me the property has liens and the seller need to bring in additional funds around 20k to close it. The seller does not have the funds to cover the liens.
Seller and his agent is going to approach the bank to check if they will let the property sell it to me with the bank taking the 20k loss. The property I think is already under pre foreclosure.
Just looking for general recommendations from the BP community. What are the odds the bank will agree to the sale taking 20k discount. How common is this approach and will it be a lengthy process?
Most Popular Reply
If the property is under pre-foreclosure, it is the seller you are going to have to negotiate with, unless you are under contract for exactly what the payoff is. Then you will have to execute a short sale to purchase for less than the payoff.