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Actually, it was their contract (WFC asset management). Yes, the short sale sellers do have a deed, but as you stated, they cannot convey--BECAUSE THEY DON'T OWN IT. There is no need to split legal hairs here. If you want to drag suckers through shortsales for 6 months be my guest. It's not a sound way of doing business, and the REO purchase process is bad enough. There are way more post on C-D about problems with short sales than REO. The lady next door to me in Summerlin hadn't paid on her property in a year (even after a modification). They did a quick short sale, five months ago, and I just checked and she is still the owner, even though she moved out the same day as me (I had a 51K check in my hand), she was loading a cat urine soaked sofa onto a moving van.
Actually, it was their contract (WFC asset management). Yes, the short sale sellers do have a deed, but as you stated, they cannot convey--BECAUSE THEY DON'T OWN IT. There is no need to split legal hairs here. If you want to drag suckers through shortsales for 6 months be my guest. It's not a sound way of doing business, and the REO purchase process is bad enough. There are way more post on C-D about problems with short sales than REO. The lady next door to me in Summerlin hadn't paid on her property in a year (even after a modification). They did a quick short sale, five months ago, and I just checked and she is still the owner, even though she moved out the same day as me (I had a 51K check in my hand), she was loading a cat urine soaked sofa onto a moving van.
The seller CAN convey if he can get a price that will cover the debt. See, the seller owns the property.
But, why would a lender loan money on a property that the borrower did not own?
Must be a local lending idiosyncracy.
That would be "innovative" here, and the consequences of filing a lien on Joe's property for a debt contracted by Bob could be extensive.
I don't consider that a "legal hair." That is cognizant of fundamental property rights.
That's why you get Title Insurance. And yes, the bank will not loan money on something with a lien against it.
How is this relevant to the thread?
But, to play along....
So, as long as there is not a lien, I can borrow money against your property?
Someone's headed for the lock up...
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