Can anyone offer a suggestion? I'm working on a short sale with a BofA 1st and PNC 2nd. Initially, PNC demanded $29,000 - more than half the $49,000 balance. Now, they've come down to $19,000. Meanwhile, BofA offered ZERO to PNC on their first two counters. Now, they've come up to $3,000. But that still leaves me with a $16,000 gap. The seller can contribute $1,000 and the buyer will contribute $5,000, which still leaves me with a $10,000 gap. Any ideas how best to bridge that? Also, will BofA be OK with cash contributions from buyer and seller to PNC?
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First, you need to email the BofA negotiator and let them know the story to see if they will be OK withan additional contribution to the 2nd. If the 1st is a Freddie Mac loan, this will not fly. (You can look this up on your own) FM will not allow any more than what is offered on the approval. 2nd, speak with PNC. I dont know what state you are in but if you are in a non deficiency state, this could be the reason for them asking for so much. If a bank has no recourse, they tend to ask for more. If it is recourse, talk to PNC about other options such as a prom. note (they dont really like doing those) Let them know what you stated here that you have parties willing to contribute but the 10K is not something that can be done. If the sellers bank statements support the ability to pay, they may have to step up. This is not the case in most short sales and ask PNC to review the sellers financial situation and maybe you all can meet in the middle. Its all about the negotiations and sometimes you win and sometimes you lose. Good luck OK??
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