Hello guys, Another puzzle??? if you have an approval from the bank (Nations Star) and the investor but MGIC ( the insurance) is wanting $45K in a promissory note plus $10K to the table initially on a $188K home that has been in the market 520 days. Then b/c all the documents reflecting possible bankruptcy MGIC has come down to $3,500 to table and $25k in a note. Is there any possible thing to do in order to revise this money to table b/c that is our big problem (seller not having cash) to the table at all???
Comment by Bryant Tutas on June 30, 2010 at 6:38pm Wanda. You just have to keep negotiating. If the seller doesn't have any money then they don't have it. But..the insurance company may just figure the seller can borrow it from someone. Offer them a deal that the seller can do and then keep offering it until they give..
Comment by Ben Racela on July 9, 2010 at 10:24pm Wanda - what we do in that situation is to leverage the promissory note against the $3,500 cash on the table. In other words let the lender know that it is one or the other and be firm about it. Since they do not have the cash tell the lender that you believe the seller's will agree to the note if you waive the $3,500. I hope that helps.
Comment by Wanda martinez on July 12, 2010 at 3:50pm We just closed the one down below only with $3,500 approved by MGIC from the seller and no other repayment clause. Yeah, all 7% commissions paid. Thanks for all your comments and help... the negotiations with MGIC went well on the sellers behalf.