I am interested in a house that is listed at 1.57m, but that is a bit out of my budget.
The seller is in trouble, most likely underwater. I have checked the title, and I see multiple lenders, a total of 3 lenders. On top of that, I see a crown lien as well. I think this is because the seller moved out of his home last year there is speculation tax pending.
There is a CPL(certification of pending litigation, date Jan 15th.
I checked the bank's online assessment for that property, and it is 1.48m. My mortgage agent told me that the actual amount could be less because the property is on a busy street.
I want to pay 1.42m max, but there is still 1.48m mortgage on the property. Seems like the seller is not ready to take 60k + 35k(closing cost) hit.
I expressed a lot of interest to my realtor, probably I shouldn't have 😄
Since the seller is in trouble and I have my budget constraints, I cannot offer the full price. I told my realtor that if the seller doesn't sell by July 15th there will be court order sale, and I will buy in foreclosure. But he says the seller can pay some minimum amount and keep pushing back the foreclosure date. Is my realtor's understanding right?
What are the seller's options to avoid court order sale/ foreclosure? IMO, to pay all his missed mortgages and funds to pay the crown lien.
Can any reatlor or lawyer shed some light?
