W-F just rejected our very reasonable offer
They said they could not proceed due to the Seller not agreeing to the MI company's demand for the Seller to sign a promissory note for $25k for 15 yrs. Frankly, I wouldn't sign the deal either. This number exceeds what they insured! At this point we are losing our buyer, they sent us a cancellation agreement. Has anyone had such an experience and did you seek another buyer knowing that the same situation may occur again, the only difference being the lower offer price we will get down the road! So far I have emailed the negotiators supervisor with no response to date. My feeling is that if we could plead our case to a VP who understands the time value of money and the additional hit they will take through foreclosure. Any ideas?
Thanks in advance for any help.
Jeff
Replies to This Discussion
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Permalink Reply by Mike Horton on
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Jeff, I have the very same experience. My seller decided to go ahead and allow them to foreclose. Just as a note, the MI insurance did not crop up until the loan had been sold to another investor. So the problem comes from the fact that the investor will make more from the foreclosure due insurance and governement assistance than they will make from the short sale. You may have to have your seller discuss this with WF and see if you can get the investors name and number and deal directly. However, you may have a problem that can not be resolved through short sale. Good luck.
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