Comment

Comment by Juan-Manuel Valera Jr on May 12, 2011 at 10:49pm

I just closed on May 9, 2011 a short sale that had 2 BofA loans and the second was a HELOC. I had been working on the file since last May and I was required by the second to come up with a $6k cash contribution plus a $3k promissory note payable in 3 years. I went back and forth with both negotiators and lost 3 buyers along the way. Finally, in March 2011, I got two new negotiators and I explained to them that the seller did not have additional funds to pay the cash contribution or promissory note. They said that they would see what they could do. I got a message thru EQUATOR from the 1st saying that they would ask for a cash contribution of $4k but no promissory note. I called the 2nd and asked them if they had made a decision and they said yes. It was $3723.00 at closing and no deficiency judgment. I went to they buyer's agent and told them. We can get this approved if your buyer can come up with the $4k and contribute it. The buyer said YES and we closed! I even got BofA to pay $18k of unpaid hoa fees from a balance of $29k. So, YES, it can be done! And NO, we did not use an attorney to negotiate this deal!

Comment by Jeff Payne on May 9, 2011 at 5:54am

Never needed an attorney to negotiate.  Give them your counter offer of what you will pay, keep in mind that if you have the ability to pay, they will require it.  Give them the 10 grand and move on.