need advice please
Sir or Madam,
Please advice, property in short sale with Bank of America/Equator already 6 weeks the hold up, the seller has $10.000 in a bank account for his personal future emergencies and offered $1.500, B o A said they want $10.000. what happens now? Seller must give up the $10.000? or B o A takes less?
Replies to This Discussion
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Permalink Reply by Katerina Gasset on
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Go back and offer a different amount. This is called, "negotiations".
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Permalink Reply by Cami Pinsak on
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I agree with Katerina. They may need to offer more than $1500, but far less than the entire $10,000. Don't give up.
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Permalink Reply by Gunnar Jonsson on
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Go back and offer the the original $1,500 + a note for lets say $4,000 with 15 Year/2%. Compare that ( $4,000 + interest = 346/YEAR) to $8500 sitting at 3.5 money market rate =267.5/YEAR. True cost only $48.5/YEAR.
Gunnarin Huntington Beach, CA -
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Permalink Reply by Michael Schneider on
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Basically, you counter in Equator and attempt to get terms that are acceptable to all parties.
You should not take BofA's first counter to your initial proposal as a mandate. Look at the difference between the proposed net proceeds to BofA, and see how far apart you are.
The specifics really depend on the Seller's circumstances, the Servicer's appraisal value, the Investor's guidelines, and the other costs in your proposal. -
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