Good evening all. I’ve run across a property that is in pretty good shape. All it needs are paint, and tile floors in the kitchen and baths and a new A/C unit. The major problem is that there’s an underground oil tank in the front yard that has started to leak.
I’ve convinced the owners that they won’t be able to sell the property through conventional channels because of the oil tank. I’m hoping to be able to convince HFC that it’ll be in their best interest to sell to me because of the tank. My question is will HFC short the sell knowing that there’s a private 2nd mortgage on the property?
Near as I can tell the 2nd mortgagee is the estate of the previous owner. We might be able to get them to forgive the loan if we can prove that they failed to disclose the existance of the tank. What say you?