CCO asking for $15K from broke sellers?
My negotiator originally said they wanted $5K (10% of LA), now she said per mgmt they want $15K. The seller has virtually nothing. We are countering at $6K. Anyone been in this situation before with CCO? Guess we will find out next week if they accept the $6K.
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Permalink Reply by Jeff Payne on
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yes, many times.... The negotiator may be looking at their credit report or looking at other assets that they own giving him a false reading on their finances OR the seller is hiding something from you or not telling you their true picture and the bank knows better. I have had it happen both ways. Get with your sellers and put together a DETAILED spreadsheet P&L statement and send that back to the negotiator. If all else fails, try to get them to allow a promissory note over an extended period of time with no interest.
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