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Once had a similar situation. Special assessment of $25K and various payment plans with the longest being for 5 years. The assessment became a negotiating point at sale time. As an example two similar houses. One with the assessment paid and with the assessment finance over 5 years. Your choice.
Status:
"I didn't do it, nobody saw me"
(set 22 days ago)
Location: Ocala, FL
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Don't forget that even if there is a "payment plan" setup for the seller with their association, in Florida it must be paid in full to get clear title and the funds are withheld at closing to do so.
Don't forget that even if there is a "payment plan" setup for the seller with their association, in Florida it must be paid in full to get clear title and the funds are withheld at closing to do so.
Status:
"I didn't do it, nobody saw me"
(set 22 days ago)
Location: Ocala, FL
6,504 posts, read 10,420,082 times
Reputation: 7982
Quote:
Originally Posted by MikeJaquish
Would a lender require clear title to fund?
I don't work for a lender so I cannot say for certain, but I believe it would. The banks generally want to eliminate as much risk as they can before lending money. I am guessing that you are asking a question that you already know the answer to.
I don't work for a lender so I cannot say for certain, but I believe it would. The banks generally want to eliminate as much risk as they can before lending money. I am guessing that you are asking a question that you already know the answer to.
I would suggest you might be correct and particularly if the note is to be resold.
A cash buyer, however, is often uncoupled from common sense.
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