$50000 Cash Contribution From Seller

I am the listing agent for a short sale property for Bank of America. An offer was submitted to them for $215,000. They sent a counteroffer to the buyer showing they're accepting the sales price, but wanted the seller to contribute $50,000 at closing. This decision was based on some wrong information on the Seller's credit report they were showing, which the Seller sent a explanation letter to them. So, on the counteroffer worksheet  for the Seller they are showing $50,000. The seller is willing to bring $10,000 to closing and receive a promissory note for $10,000 at zero percentage. Is there anyway on the Seller's side of the counteroffer worksheet I can change it showing this or do I just changed it on the buyer side of the counteroffer? Or would that state the buyer is contributing the $10,000 if I did that. How do I show that the seller is not willing to pay this $50,000 on the counteroffer worksheet but is willing to contribute the $10,000 with a $10,000 promissory note?

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Replies to This Discussion

Permalink Reply by Cami Pinsak on May 12, 2011 at 8:25am

Hi Gwendolyn,

I have had great success with countering back at the bare minimum - say $500.  somethimes they are mandated to ask for a large amount...I would start much, much lower than $10,000.  Remember, this is negotiatons...

Permalink Reply by Celeste ODea on May 12, 2011 at 9:03am
Just change the Cash Contribution-1st lien to a smaller amount, like $500 or $1,000, like Cami says, and don't bring up the fact that the Seller is willing to pay a prom note.  See what happens with the counter first and make sure the line item for Promissory Note Amount-1st Lien is 0.

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