I don't have time to dig tonight, and the information is probably here. I took a SS class that said if you disclose the banks bottom price your client can be disqualified for a short sale or a DIL. Any idea where I can reference the information. This is a Wells Fargo and the list price is a bit too low and the offer needs to come up. They aren't countering. The bank wants the price up to submit any more paperwork. I have received HUD paperwork and I think my client is actually set up for a DIL.
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
I can safely say that if a negotiator tells me what they need to NET, I am certainly going to tell a buyer when coaching them on their offer.
Amen to that Jeff:) Another reason I like SSC since you can take the net and calculate the closing cost on a created HUD to find the perfect price for buyer and seller!
Usually Wells ask for a net...you can at that point back out your HUD to reach this net and effectively the seller can counter at the appropriate price. Remember the contract is between the buyer and seller and contingent upon the bank's approval. If it was me, I would completely steer clear of disclosing anything about the bank's numbers as that is a relationship between the seller and their lender and as Bryant mentioned none of the buyer's business. Maintaining your seller's leverage in the transaction by simply issuing a counter offer from the seller to the buyer may be the most effective route...I would caution you to ask the negotiator to review your HUD1 to see if the the HUD1 is in line with the investors guidelines so you aren't countering the buyer back on closing costs a few days after they up their price. You may also want to let the buyer know that the investor still may counter once it goes for final approval so you don't lose them due to mulitple counters-explaining this up front often softens the blow IF it happens. Wells is firm when they give you a net so if it's not workable and you think it's a BPO issue, you will want to go in with a full BPO dispute. Good luck! :)
I cannot imagine the Wells Fargo negotiator saying "Our bottom line is X, but don't tell the buyer.", unless I am not understanding your question.
I agree with Wendy. They won't tell you their bottomline price. They may give you an idea as Keri said by saying they want to NET X, but you'll never know for sure if X is their bottom line.
If you have a magic secret that the rest of us don't have to get this info, I'm all for hearing about it.
I don't think I have ever seen this in writing but I would be cautious disclosing the bottom line to the buyer. Just as in a regular sale it's really none of their business.