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I know it was two years ago. But....did you get approval for $3000 ? I am going thru the same thing and Chase is unmoving.
Katerina -- dead on...ALWAYS ALWAYS ALWAYS pre-screen your clients as to whether or not you should even take the listing. We now have a pre-listing form we REQUIRE agents we negotiate for to use (find out if the Sellers will bring or have cash for closing, agree to promissory notes, all kinds of stuff)
There is NOTHING worse than finally getting close and the Seller refusing to sign a promissory note, agree to tax consequences, etc.....as you are finding out....
:-)
What I would suggest - IF any of the monies were used home improvements, send in those receipts for negotiation purposes noting that the funds went to home improvements and NOT for a weekedn in Vegas.
I would first and foremost discuss the issue with the Investor on the first lien, as that $3000 is ALWAYS negotiable.
Find out if there is MI on the note and if so, who it is with and what the coverage ratio is
Find out if Oxford MS actually bought the bad paper at a discount or if they are merely a collection company, paid to get what they can.
See if Oxford will agree to a discounted promissory note and let you go to closing.
All the above, properly negotiated, SHOULD get you much closer than where you are now.
Ben,
The pre-listing screening sounds like a great idea and a MUST. Do you have a copy of that which you could send to me or post for other to use? It would be much appreciated. Thanks!!!
Ben Benita said:Katerina -- dead on...ALWAYS ALWAYS ALWAYS pre-screen your clients as to whether or not you should even take the listing. We now have a pre-listing form we REQUIRE agents we negotiate for to use (find out if the Sellers will bring or have cash for closing, agree to promissory notes, all kinds of stuff)
There is NOTHING worse than finally getting close and the Seller refusing to sign a promissory note, agree to tax consequences, etc.....as you are finding out....
:-)
What I would suggest - IF any of the monies were used home improvements, send in those receipts for negotiation purposes noting that the funds went to home improvements and NOT for a weekedn in Vegas.
I would first and foremost discuss the issue with the Investor on the first lien, as that $3000 is ALWAYS negotiable.
Find out if there is MI on the note and if so, who it is with and what the coverage ratio is
Find out if Oxford MS actually bought the bad paper at a discount or if they are merely a collection company, paid to get what they can.
See if Oxford will agree to a discounted promissory note and let you go to closing.
All the above, properly negotiated, SHOULD get you much closer than where you are now.
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