FREDDIE MAC / NATIONSTAR request Seller to pay $2500 cash at COE or $20K note
Can buyer be counter offered on purchase price to pay the $2500 that Freddie wants at COE? According to negotiator, Freddie Mac will not let Buyers pay the $2500 cash at COE. Originally, Freddie requested $4k, Seller said no way to paying any cash at COE nor $20K promissory note( Arizona is non recourse State). Any suggestions? Thx- Bob
Replies to This Discussion
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Permalink Reply by Tara Samney on
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Buyer can make no contributions on a Freddie Mac short sale. Was the seller behind at all before this approval came in? I heard from them when seller is not behind or only a month behind sometimes they ask for cash or a promissory note.
I don't see why you couldn't counter back with buyer just coming up on price and 0 for cash and promissary. Do you have an approval letter or is this negotiation in Equator? If your seller has a lot of money sitting around they I find they often will ask for some.
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Permalink Reply by Bob Helmig on
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Seller was originally not late, so we held offer for 31 days per Nationstar. Seller did have surplus of $20k in savings. Negotiator said Freddie wanted $4k cach or promissory note $30K. Buyer's said no way, a week later,Freddie said $2500 cash, buyer said $0.00 and we provided update on surplus which was reduced $18k due to relocation. Freddie would not accept a higher offer price, they wanted cash from seller.. period. We are waiting on final reply.
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