Okay so 565 FICO is not so hot, but buyer really wants the property.
Asking price is only $130k for a 7 unit motel with 2 bedroom attached OO home.
The sellers hold a LC of $90K. Holder of the LC is willing to negotiate the LC to whatever the lender wants.
Note that the buyers were approved for a deal until the broker said “whoops!” We thought it was a B&B now we can’t do the deal.
It was suppose to work like this: $115 mortgage, $23K on the LC - which would cover the pp of $130 and $8k closing costs on an amended purchase agreement (already accepted by all parties) of $138k.
The buyers are all packed and ready to move to Michigan from CA June 13 and need this deal done! Broker is a very poooooooooor communicator and has not returned calls in 2 days.
Any help would be appreciated.