Has anyone on here done a short sale on an RV before? Here is my scenario:
The seller has been given until the end of the month to sell before her lender repossesses her RV. She called me y'day and did a 3-way conference call to her lender. The lender said I would need to purchase it by the 30th if I want it. He agreed to take a short payoff of her existing loan. $73k on a $93k loan. Here is where it gets sticky. The lender said my transaction would be between myself and the seller. Title will be released to the seller upon my paying $73k to the lender and the seller will be responsible for sending title to me. However, the lender will not put anything in writing. He will not do a short sale written agreement. So, where is my protection? What is to prevent the lender from taking my $73k and then trying to repossess the RV anyway or refusing to release the title? I know whenever a short sale is done i real estate there is a written short sale agreement accompanied by a written purchase agreement. Why would this be any different?
Thanks for your feedback.
The seller has been given until the end of the month to sell before her lender repossesses her RV. She called me y'day and did a 3-way conference call to her lender. The lender said I would need to purchase it by the 30th if I want it. He agreed to take a short payoff of her existing loan. $73k on a $93k loan. Here is where it gets sticky. The lender said my transaction would be between myself and the seller. Title will be released to the seller upon my paying $73k to the lender and the seller will be responsible for sending title to me. However, the lender will not put anything in writing. He will not do a short sale written agreement. So, where is my protection? What is to prevent the lender from taking my $73k and then trying to repossess the RV anyway or refusing to release the title? I know whenever a short sale is done i real estate there is a written short sale agreement accompanied by a written purchase agreement. Why would this be any different?
Thanks for your feedback.