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  • Brent Innocenzi August 29, 2011 at 4:31am
    I completely agree with Eric. I have had multiple files where MI has required a substantial contribution at closing or a very large note from the seller. To which we countered back and continued to push and got them to accept much less of a note or contribution. I can think of a few cases where after countering and pushing back they even dropped the contribution requirement. Most recent scenario, MI required a $40k prom note, due to seller having zero financial hardship. After pushing back a few times a $7k contribution at closing got the deal done. May sound like alot but the seller was bring in a NET of over $120k a year and this was an investment property.
  • Eric Mieles August 28, 2011 at 4:42am

    Morning everyone. Hope the weekend is well. Just want to ask did you try to counter the request??? I hope before you just assume it's all over I would strongly counter the MI company's request, if you haven't already. They may be firm and the property will go to sale however I sometimes the MI company is just fishing and they want to see if someone bites.

     

    Just had a BOA deal where the MI company asked for $30,000 prom. We offered $1,000 from the buyer as cash contribution and BOOM deal accepted and closed. So I never assume it's all over!

     

    Good luck.

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