After numerous hours of calling BB&T's corporate offices I found someone in the Recovery Dept who was willing to contact the attorneys in Tampa and see if he could get things moving. I sent the Recovery Dept a few documents regarding the short sale yesterday. This morning at 11:00 am our short sale attorney who is processing the short sale received a call from the Tampa attorneys with a unbelieveable counter offer. The note my sellers ow is $225,000 plus late fees, plus penalties, plus non payment for nearly 2 years. So they really ow close to $240,000. BB&T offered to accept $75,000. The first lien holder is giving $10,000, the buyers are giving $12,500. So the sellers need to put in $52,500 to get rid of a huge note of nearly $240,000 and avoid foreclosure. The sellers today came back and said nope were not doing it and as a matter of fact we're only going to put in $10,000 instead of the $20,000 we originally offered. I need everyones input for arguments I will have to take to the seller to convince him to accept this incredible deal and get this all behind them. I will have one last shot at convincing my seller to accept this offer, otherwise we are dead in the water. Right now I am bearly holding on to my buyers as well. Okay guys, lets here it.............................
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Julie - BB&T often accepts promissory notes and cash contribution combos. See if a -0- interest prom note is workable for the seller along with the cash. I've found BB&T negotiates. Don't just take it as the "end" of talks, that was BB&T's first offer apparently.
Harry is correct !
Is this the 2nd? How much is the 1st and what's the true value of the property? Is the 1st getting a full or nearly-full payoff?
Is the Buyer paying FMV for the property?
Thank you Harry, Wendy and Thomas for your replys. I think I may have NOT explained this whole synario properly. The first lien holder, who is GMAC, is owed $350,000. The second lien holder (equity line) is BB&T who is owed $225,000. This property has had a roof that has been leaking for almost 2 years. It needs an whole new barrel tile roof ($50,000) and there is about $75,000 worth of mold and water damage, not to meantion new ac ducts and maybe a new ac system.. So total there is about $150,000 worth of repairs to be done. The offer we have on this property is $210,000. The BPO I believe came in somewhere around $175-$180. This home in normal condition would sell for $350- $370. GMAC accepted the $210,000 all cash offer but would only allow $10,000 to be paid to BB&T. BB&T on the other hand would accept a $22,500 cash payoff to allow this to close if, the sellers agreed to signing a $150,000 promissory note. So the buyers agreed to pay the $12,500 difference. The sellers originally agreed to put in $20,000 of their own money, but are now renigging on that and only wanting to put in $10,000.They also do not want to sign this huge promissory note. The sellers bought this property in 2005 for $550,000. They took out a loan for $325,000. Then in 2006 the took out the BB&T equity line for up to $225,000. They used the whole amount towards $75,000 in remodeling costs on this home and to help purchase another $1,800,000 home in Stuart which they also short sold for $550,000 and signed a promissory note for $70,000. The seller also has a business to protect. So for them to escape a potential $550,000-$600,000 deficency judgement from both lenders and a foreclosure on their record, I think the offer of $75,000 minus the $10,000 paid by GMAC and $12,500 from the buyers leaves $52,500 for the sellers to come up with and walk away cleanly from this whole situation is a bargain. These sellers want to have their cake and eat it too. I am going to have a difficult time convincing them to take this offer. This is the generation of entitlements. I think there is still some negotiating room with BB&T as well. So that's my story and I'm sticken too it!!! What do you all suggest??? Please reply.
Also look at this statement -
"Then in 2006 the took out the BB&T equity line for up to $225,000. They used the whole amount towards $75,000 in remodeling costs on this home and to help purchase another $1,800,000 home in Stuart ..."
So basically they took $150,000 of the $225,000 HELOC from BB&T to purchase another property which they sold short at a loss of about $1.3 Million? No wonder there are so many questions about this one. The sellers need to be speaking more with an attorney than with an Agent....!
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