Replies to This Discussion

Permalink Reply by Ben Benita on April 8, 2010 at 1:27pm

Are both loans being handled by the same negotiator (this would be EXCELLENT). Also, try escalating the file up the food chain to get them to come around. If the owner has ANY desire to keep the home, have him/her skip a few payments then modify the second (they can pay you a few dollars to do this)


For working the second down on what they want for cashola, try saying "no", it works.....a few lines we use:

"The Seller is not willing to contribute ANY cash, as such:

How long will you keep the file open while we try to find a Buyer to pay that cash difference"
How many extensions will you give us once your acceptance letter expires"
My boss/broker/client is going to be pissed, or, called and left me a VERY nasty message about this"

"We have closing set for __XX____ (where XX is 10-14 days out), are we really going to have to re-schedule"
"Since there is no cash to contribute, how long do I have to find a new Buyer before you guys decide to foreclose"

And of course my personal favorite:

"Dear ________ (negotiator name), how about if you just get your head OUT of your ______ and send me an acceptance letter so we can go to closing!!!"

I have NEVER used that one, but, REALLY wanted to.....if you do use it, let me know how it works)!!!!

For your commission, try:

"My broker says we will not agree to a 5% commission....and use some of the lines above about keeping the file open......often, when a week or two passes, they will come around and get you 6%.

Permalink Reply by Pacita C Dimacali on April 8, 2010 at 2:51pm

Thanks, Ben

Unfortunately, there's only one loan negotiator (the 2nd) since the first would be paid off

I did say no, the seller ain't got no money to contribute. And for gosh sakes, he's going to get 14+% already.
The deal is so clean, but we can't guarantee the buyer is sticking around either.

I just wanted to find out what worked for you guys....I think I'll wait for long time before I get too nasty.

thanks, Ben. You're a great resource as always

Permalink Reply by Patrick Grom on April 12, 2010 at 9:02am

Hi Patricia, one problem that you probably are having is that you are dealing with a Heloc. They are different than a normal mortgage on the property. Most cases they will ask for contribution or promissary note in order to get short sale acceptance. Plus in a lot of cases the Heloc does not get wiped out at foreclosure or short sale and the homeowner may be hit with a deficiency judgement. So make sure if you get an acceptance letter it states that it is taking the short payoff as full satisfaction. If not you may be leaving the door open for the lender to pursue the homeowner after the short sale