Short Sale Approved But....
I just received the Short Sale approval through Equator. The initial counteroffer from Boa had $1000.00 in Cash Contribution and $17,000.00 Promissory Note. We countered with updated hardship letter, $500.00 Cash Contribution and no Promissory Note.
This offer was sent to investor for final approval. The final approval came back but with a Promissory Note for $28,500.00. Based on what I have read in this forum, I'm surprised the bank came back with PN at all (it seems that BoA was giving up with that after first request.) I'm also surprised that it came back with a PN higher than the original offer. It will he hard to spin this to clients so that they don't think that I cost them $11,500.00.
The final approval on equator said that any counteroffers will close the file. Basically, take it or leave it.
Any suggestions?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Joshua. All you can do is present it to the sellers and see what they say. In the past I have had success with my sellers accepting the counter to get the written approval then once the file makes it to the closing negotiator we started negotiating again. This is a very risky technique but it can work. I would only try this if you know for a fact they are going to close the file down.,
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Permalink Reply by DoesntMatter on
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Josh, i responded to the other thread you created..
HAFA and CoOP is your friend.
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