Looking to write a letter to tell Chase my clients are not going to bring $3,000.00 cash to the closing table. Mostly because they don't have it.If they had $3,000 they would not be in this predicament in the 1st place. Anyone ever do this? Any suggestions on what to write? Everything else in this deal is Ok and agreed on.

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Victor,

 

The lender is looking for loss participation. Sometimes it is in the investor guidelines that the negotiator has to ask for a cash contribution, but doesn't mean they will get it. You could offer them nothing and they may take it or offer them a minimal amount, such as $100 to $500 and they are more likely accept. I have had many transactions were the lender asked for a few thousand and we offered a few hundred and they took it. Its sound to me that you are close and a little comprise just may get your deal done. Good luck!  

Victor: They always ask for some cash. The lower the amount they ask for ($3000 is low), the more they already realize your clients can't afford it - but they are required to ask for something. Just explain their hardship again and you'll be fine.

I agree with Phil. Counter offer something no matter how small- $100.00 or 200.00.

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