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Permalink Reply by Cameron Piper - Keller Williams on April 15, 2011 at 7:18pm

I would also echo the settlement offer idea, start small and see where they go. If they don't go for your first offer ask for a counteroffer and gauge their movement like you would a buyer or seller in a standard negotiation.

In the end you may need to let it fall into the next phase of foreclosure before they get nervous enough to let the deal close. You could Also ask the buyer if they are willing to contribute anything.

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Permalink Reply by Marie La Salle on April 17, 2011 at 12:03am

I have the same situation right now. The seller refused to either sign a note for $15,000 or come up with a $7500 cashier's check made out directly to the MI company and it had to be shown on the HUD. The buyer really wanted the house. A third party who knows the buyer ... but isn't related agreed to pay the money and it is going to appear on the HUD. The lender for my buyer and the closing attorney (Attorneys close RE deals in GA) have no problem with this.

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Permalink Reply by Kimberley Kelly on April 17, 2011 at 2:38am

I have found MI companies to be very difficult.  I try to negotiate with them the same as with any Lender, but they can and will kill a Short if they don't get something..

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Permalink Reply by Lynne Catrow on April 17, 2011 at 5:44am

I've had luck with contacting the MI company directly. I called or emailed any person I could find at the company and requested them to cancel the cash or prom note and it worked. I gave specific reasons why my sellers could not accept it.

Good luck.

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