Second, there was a Notice of Default (NOD) filed on his property.
Third, I am dealing with a buyer that has expressed interest in acquiring this property and when I told them about the NOD, they said I should get the loan information.
With that said: What I did wasn't wrong.
Been there; done that!
Through my years as a Real Estate Broker, I have also worked in the lender industry for prominent banks, mortgage companies, and brokers originating loans, etc.
I have acquire quite a bit of knowledge as to HOW? real estate financing works.
Do I know everything? No!
Do I continue to learn as the real estate industry evolves? Yes!
So it should NOT come as a surprise to anyone -- I told the owner -- that a buyer with cash wants to acquire property at or below market value.
That's how it works. He reluctantly agreed. (He does the same thing.)
Since the property had an NOD, the buyer I am currently working with said: 'See if the lender will sell the loan?"'
So, I contacted the lender and was told: 'No! The loan is NOT for sale.'
I inform the buyer. They were like, okay.
That's when the owner finds out through the lender I called, okay.
That's when the owner tells me: 'Don't do that ever again.' Okay!
But after hearing him out, I understand his position. He doesn't want to lose the property but doesn't want to lost his investment into the property either.
I get it. And, so do all of you fellow real estate owners. You don't want to lose your initial or equity investment in any real estate property. Neither do I.
Everyone knows that foreclosure is a bad thing -- especially when you lose your entire investment into the property.
I tell the buyer we need to make an offer before the NOD runs it's course. That was yesterday.
Hopefully, the buyer is able to convince his investors this is a steal at the asking price and should move forward quickly.
More as it happens.
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