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LOANLORD56
48 Posts |
 Posted - 05/20/2008 : 11:31:07 AM
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HELLO EVERYONE,
I HAVE A CLIENT THAT WANTS TO PURCHASE A HOME THAT IS LISTED AT 590K. THE PROPERTY COMPS OUT AT AROUND 650-700K. THE ONLY THING IS THE COUNTY/CITY PLACE AN ABATEMENT ON TITLE. THERE IS A CHAIN LINKED FENCE AROUND THE PROPERTY TO KEEP OUT SQUATTERS. I NEED TO KNOW IF I CAN GET FINANCING ON THIS PRIOR TO REMOVING THE ABATEMENT?? I HAVENT DEALT WITH THIS SIUATION BEFORE AND NEED TO KNOW WHATS MY FIRST STEP. ALSO, MY CLIENT IS WILLING TO PAY OFF THE ABATEMENT LEIN WHICH IS 16K BUT CAN HE DO THAT AT CLOSING??? IF ANYONE KNOWS HOW TO APPROACH THIS SITUATION PLEASE LET ME KNOW.
BEST REGARDS,
LOANLORD56 |
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LOANGUYNYC
105 Posts |
Posted - 05/20/2008 : 11:34:46 AM
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quote:
Originally posted by LOANLORD56
HELLO EVERYONE,
I HAVE A CLIENT THAT WANTS TO PURCHASE A HOME THAT IS LISTED AT 590K. THE PROPERTY COMPS OUT AT AROUND 650-700K. THE ONLY THING IS THE COUNTY/CITY PLACE AN ABATEMENT ON TITLE. THERE IS A CHAIN LINKED FENCE AROUND THE PROPERTY TO KEEP OUT SQUATTERS. I NEED TO KNOW IF I CAN GET FINANCING ON THIS PRIOR TO REMOVING THE ABATEMENT?? I HAVENT DEALT WITH THIS SIUATION BEFORE AND NEED TO KNOW WHATS MY FIRST STEP. ALSO, MY CLIENT IS WILLING TO PAY OFF THE ABATEMENT LEIN WHICH IS 16K BUT CAN HE DO THAT AT CLOSING??? IF ANYONE KNOWS HOW TO APPROACH THIS SITUATION PLEASE LET ME KNOW.
BEST REGARDS,
LOANLORD56
My guess would be that the abatement issue would need to be cleared up at closing for the title company to issue their commitment...this would not be included in the loan and probably could be solved by adding 16K to whatever the borrower has to come to closing with....I would check with the title company because they are the one's insuring the title and could give you the best advice on this isuue... |
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rtrefflich
3414 Posts |
Posted - 05/20/2008 : 11:37:08 AM
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Check with title and also with the juristiction who put the abatement up there and see what they can do to have it cleared up so title will close. I am sure they will be willing to help you as they want the money as much as you do.
He should be able to do it at closing and should not pay anything on the home before settlement. |
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