Overcoming Cash Contributions and Promissory Notes

1. What is a Cash Contribution?

2. What is a Promissory Note?

3. Why would a lender ask for a cash contribution or promissory note?

4. My seller does not have the money to pay, what can I do?
   1. Help the seller understand WHY the request was made.
   2. Prepare them at the beginning of the listing.

5. Solutions

• Delay in note start
• Negotiate amount or terms of note
• Remove note with larger cash
• Reduce cash contribution
• Have someone else pay it – why that is not always allowed
• Have seller find the cash
• Prove further hardship
  • Additional hardship explanation, separate letter, medical bills, etc

Wendy Rulnick

Wendy Rulnick is a licensed Real Estate Broker for over twenty years, and has sold hundreds of short sale and pre-foreclosure properties. She has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine as a short sale specialist. Wendy also teaches Short Sale seminars and has developed a special agent training and resource site with her business partner, Bryant Tutas - www.shortsalesuperstars.com.

Bryant Tutas

Bryant has been in Real Estate for 18 years and is the Broker/Owner of Tutas Towne Realty, Inc located in Kissimmee FL. He is also the co-founder of Short Sale Superstars and co-broker of REGrow, LLC. Negotiating Short Sales is the cornerstone of his business. He does it often and he does it well.