Replies to This Discussion

Permalink Reply by Ernie Dill on February 9, 2011 at 8:55pm

Share away!  Welcome.

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Permalink Reply by ZUBARIA LATIF on February 10, 2011 at 12:15am

Thank you Ernie

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Permalink Reply by Vanessa Calhoun on February 18, 2011 at 11:11am

Welcome to our lovely network!

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Permalink Reply by ZUBARIA LATIF on March 1, 2011 at 12:38am

Thank you Vanessa

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Permalink Reply by Debbie Newsom on February 18, 2011 at 5:46pm

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?

 

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Permalink Reply by Jennifer Beltrame on February 25, 2011 at 4:15pm

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?

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Permalink Reply by ZUBARIA LATIF on March 1, 2011 at 12:32am

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.

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Permalink Reply by Mike Linkenauger on February 18, 2011 at 7:18pm

Welcome to our community!  Looking forward to your experiences!

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Permalink Reply by Monina G. Diaz on February 21, 2011 at 11:28pm

Welcome to the club...

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Permalink Reply by ZUBARIA LATIF on March 1, 2011 at 12:33am

Thank you moniker and mike.

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Permalink Reply by Tina Salas Olguin on February 24, 2011 at 8:32pm

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*

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Permalink Reply by ZUBARIA LATIF on March 1, 2011 at 12:36am

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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