10 days to get a payoff??

General Real Estate Investing
1

I got a deal going. I am taking the house Sub 2 and giving the owner some cash. He showed me a payoff statement that expired 9/1/06. It showed principal owed, about 6 months of interest, some other fees and a final payoff amount. That payoff amount and his cash payout about equals the purchase price we have on the contract.

Obviously I want to get my own copy and an updated one right?

I called up and requested the payoff and its going to take 10 business days. Anyway to speed that up? I thought we could close by Friday but I guess we cant.

These are the little details they forget to mention in all the books and articles…

2

Sometimes you’ll run into this kind of “delay” on sub-prime and general desperation financing. Have run into it in the past when I’m refinancing someone into better debt… it can be almost impossible to get the payoff (yes, with borrower auth.)…

You may not need a new payoff to close if a title co is willing to add a per diem for interest, and say, hold an extra 10K in escrow until they get another payoff.