promissory notes...
Anyone have a handle on a percentage or rate of sellers actually accepting to pay the promissory note? Do the banks ever negotiate those numbers?
Replies to This Discussion
-
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
-
JL,
In the last 2 years, I've handled 81 short sales, both as the Listing Agent or as a 3rd party negotiator for other agents and brokers. Of those, 9 were asked to sign PNs - of those 9, only 2 have signed, and the other 7 wrote letters explaining that they were willing to sign but the PN would be included in their BK. Needless-to-say, the 7 were not required to sign. The two that did sign are very thankful. They got 0% interest, and payable over 10 years. Even better, the lender now reports the PN as a new line of credit and as long as the "borrower" pays on time and per the terms, they are being reported to the credit bureaus as a positive credit line and rebuilding their credit.
Hope this helps,
Thom Colby
Broker,
Newport Beach, CA
-
Permalink Reply by JL Wdng on
-
Thanks for your reply, Thom....what is BK? and the 7 that weren't required to sign does that mean it went into foreclosure?
-
-
BK = Bankruptcy
They all closed without signing Promissory Notes.
Thom
JL Wdng said:Thanks for your reply, Thom....what is BK? and the 7 that weren't required to sign does that mean it went into foreclosure?
-
Permalink Reply by John Treadwell on
-
About 80% sign them, I have had the lender ask for cash or a note ,sometimes will lower the cash never had them lower the note.
-
-
John - I closed one last week - BofA / FreddieMac. They wanted Cash and Promissory Note. Borrower wrote a letter stating that she had no funds to bring and if she signed a PN, she would have to file BK. I got an approval within minutes without Cash or PN. Like I said, we closed it last week.
Thom Colby
Broker,
Newport Beach CA
John Treadwell said:About 80% sign them, I have had the lender ask for cash or a note ,sometimes will lower the cash never had them lower the note.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons