Quote:
Originally Posted by legion
Sounds to me like this deal won't work for you either way. The lender won't let it go ahead without a CO, but you won't pay the money to get a CO (and yes, I understand that it is substantial).
Maybe the best option is to let the deal fall through and hope the next offer comes from a lender that doesn't care about CO's.
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I have another guy that made an offer $10k higher than the current offer but he's a risky loan. Current buyer is a no brainer, 25% down and perfect credit.
I opted to sell to the 1st guy for less because I know, or thought I knew, that the deal was a slam dunk.
The simple business is
a) sell to guy 1 and deal with CO's and have it cost me $5k, (effectively take $5k less for the house)
b) sell to guy 2 and deal with the CO's and come out $5k more than if I sell to guy #1.
b seems to be the logical choice but the guy is shady, only has 5% to put down and the house would be in his GF's name only. Think he is trying to hide income from his ex wife. And after having met him a couple of times I get the feeling he will cause me more than $5k in aggravation on the sale.
My attorney is trying to use the higher offer to get guy 1's bank to back off.