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I hope you guys know how to find the buyer.
EDIT NEVERMIND DIDN'T SEE THAT YOU OWN THE NOTE. SORRY.
In order to make it appealing at least fix it up so that it will pass a home inspection, and that's it. If you sell it damaged you're limiting the clients you have to buy with.
Otherwise - next time:
Offer to remove the 2nd lien and convert it to an unsecured note so they can sell it. Talk it over with the buyer and the bank and cross your fingers they take it. Bank will, buyer should too.
Then you can go after the buyer all you want and have recourse since it's no longer a home loan. Check with an attorney 1st.
2nd thing, have the appraisal, and the entire loan file (if applicable) checked over professionally - if there's fraud involved you might have recourse there. I'd call the state licensing authorities. if you take the hit the appraiser doesn't deserve to be in biz.
rjp
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Last edited by RANDY P; 04-08-2008 at 12:32 PM..
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