I have joined this great network. I am new to the network. But I have done many short sales.

I will share  my experinces with you as they come or the previous one .

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Share away!  Welcome.
Thank you Ernie
Welcome to our lovely network!
Thank you Vanessa

Hi Zubaria,

Bank of America is the first.  They approved the short sale with a small seller contribution and a small promissory note.  The second is receiving 3k from b of a. Balance is 38k.  The second approved but will not take out the verbiage of retaining the right to come after the seller for the deficiency.  I asked the 2nd if they would take a promissory note and he came back with 18k paid over 5 yrs.  My seller thinks this is to high.  Would it be best to close the deal with their 1st approval letter and let the seller negotiate after the sale or should we continue to try to get the promissory note down  before closing, which is in a week?

 

Does your seller have a large retirement account or something?  In my experiences that is when the banks try for seller contributions, prom notes, etc.  If your seller really doesn't have the money and you can prove it with their financials you should be able to negotiate the note down.  Who is the 2nd lien holder?
Debbie in my opinion you should negotiate before the closing. If it doesn't work out and your seller is ready to pay off in installment then that is great. I had the same scenario and my seller just walked away after all my hard work.
Welcome to our community!  Looking forward to your experiences!
Welcome to the club...
Thank you moniker and mike.

Would love for you to share! What are three things that you find are the most important in dealing with the Equator website, if applicable? Thank you. I hope to hear from you soon. Have a fabulous Thursday afternoon.

*Tina*

Tina in my experience and talking to my asset managers the most important thing is never be late on your response in equator. If you have five days to complete the assignment try to do it before that.

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