I received the following responce on one of my short sale transactions. Home is vacated, can't rent for payment (got for about $300 less than monthly payment). History on my client ... she is a single mom that got over her head. Finance amount is about $145K, offer is for $110K.
RESPONSE FROM WELLS FARGO:
I need to know, will the seller be able to pariciapte towards the loss of closing? At present, the requested participation is:
1a. $3,000 Cash at closing to the MI Company, AND
1b. $3,000 Cash at closing to the Invester
OR
2. $6,000 promissory note over 120 months at $50 per month interest free, to the investor
Any one can please let me know how I should persue this would be much appreciated.
Thanks!
Tags:
Yes, run it by the seller first. If you end up not getting anywhere with the WF nego you can go directly to the MI nego. Obviously you'll need to find out which MI company and the MI cert number (available at WF if you ask nicely; keep calling and asking until you get the info). And make sure you get the certificate number. MI needs that to look up the file.
I had one with WF where the nego said $20K prom or we deny the short sale and delete the file. I called MI directly and got the note down to $5K which my seller could do. We close next month. :-)
Nancy - I'm curious as to what the outcome of this is, I just received something similar but the numbers are much higher on a property worth about $130k. $7k to Freddie or 15k note AND $5k to MI or $10k note. (Freddie's number is reduced from $15k - I think we can only do $5k total, not each)
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