Hi All,
I have a short sale with a BofA 1st: $1,000,000 and a Chase 2nd $150,000. We have 5 counter offers through Equator so far.
Among other minor things, which we can handle, they want a cash contribution of $15,000, clearly my Seller does not have any money which is why they are in a short sale.
The Buyer is not willing to pay it because they have already upped the buyers offer from $767,000 to $780,000. That is all they are willing to do.
Also after 5 counter offers they are finally willing to pay $3000 to release the 2nd, which wants $14,000 but I know I can settle them around $10,000.
Any ideas on how I can actually speak to someone who knows how to do more than fill in a few blanks on a ridiculous form? I have emailed this negotiator a few times with no response.
Any ideas to get rid of the cash contribution and up the anty on the payoff to the 2nd.
Thanks so much!
Tags:
Joe,
Thanks for the detail and your time. My seller has 2 hardships (divorce and job loss), an excellent letter and thorough financials that show they are in deep. I always review everything with my sellers before submitting. I have no idea why they are asking for the cash contribution, I have emailed asking a few times, but no responses.
Paul,
Yes 220K + closing costs. Of the 12 short sales I have completed, I have never had any 1sts ask for cash contributions. The 2nds always ask. My seller has no real concern about deficiency after speaking with attorney.
I'll call the general line and push on to escalate, etc from there. Equator seems so ridiculous in that it is some person filling in the blanks about a file they probably know nothing about. I much prefer having a relationship with my negotiators, but you just can't get these people behind Equator to understand the deal.
Ahhhh...gotta love a challenge!
Good luck with your files. =)
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.