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Suntrust negotiator wants too much money for my shortsale

Posted by Pablo Schenquerman on December 22, 2010 at 4:51am in Short Sale Discussions

I am currently short selling my unit with Suntrust. After 3 months waiting, the negotiator is ready to present my case to the investor and PMI. The negotiator is telling my realtor that they are recommending the investor to request "25K and a note for 75K" because of my high income from 2009. I explained to the bank that my income was reduced in 2010 in half and my liabilities as really high because of all my properties and other expenses

My question is that what shoud I do in this case if the Bank do not want to reduce substancially their demand ? Should I let the property go to forclosure ? How should I negotiate with the Bank ?

 

Thank you

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Replies

  • Jeff Payne December 28, 2010 at 9:28am

    What is the property worth? What will it appraise for?  Do you have the means to pay the cash and the note?  This appears to be an investment property so that can change the game too.

    You have to make sure that the offer that you sent is a fair market value offer and you can justify or verify the offer.  AND most importantly, if you take on this fight, you need to be willing to provide detailed evidence that you can not pay the note or the cash, be very detailed.

    Pablo Schenquerman said:

    Thanks for you reply Jeff. I see from another discussion that you were able to negotiate a deal with Suntrust without cash or signing a note. I am also have my broker negotiating with Suntrust. My Mortgage is for 250K and we have a buyer for aprox 70K. They want 25K cash and 77K Note.

    You said that you need to fight hard to get this deal approved. My broker does not sound very optimistic. Can you please share some details on how did you get them to approve the deal ?

    Thanks

    Pablo


    Jeff Payne said:

    Pablo, there could be many reasons other than they just want to ask for as much as they can get.  Not to get too personal but do you know your credit score?  If it is good, they assume that you are good for the money.    You may want to get your CPA to send your 2010 P&L statement so that you can prove your income reduction
  • Pablo Schenquerman December 24, 2010 at 4:46pm

    Thanks for you reply Jeff. I see from another discussion that you were able to negotiate a deal with Suntrust without cash or signing a note. I am also have my broker negotiating with Suntrust. My Mortgage is for 250K and we have a buyer for aprox 70K. They want 25K cash and 77K Note.

    You said that you need to fight hard to get this deal approved. My broker does not sound very optimistic. Can you please share some details on how did you get them to approve the deal ?

    Thanks

    Pablo


    Jeff Payne said:

    Pablo, there could be many reasons other than they just want to ask for as much as they can get.  Not to get too personal but do you know your credit score?  If it is good, they assume that you are good for the money.    You may want to get your CPA to send your 2010 P&L statement so that you can prove your income reduction
  • Jeff Payne December 22, 2010 at 8:19am
    Pablo, there could be many reasons other than they just want to ask for as much as they can get.  Not to get too personal but do you know your credit score?  If it is good, they assume that you are good for the money.    You may want to get your CPA to send your 2010 P&L statement so that you can prove your income reduction
  • Pablo Schenquerman December 22, 2010 at 6:02am

    Thanks for your answer Jim.

    The property I an short seling is not my primary home.

    bk stands for bankruptcy yes ? Can I get force to sell my primary home in bk ? I have equity in my primary home. My primary is owned by me and my wife but the short sale mortgage is only mine. 

     

    thank you


  • Jim Schneider December 22, 2010 at 5:48am
    Counter offer with what you would be willing to agree to and tell them it's that or foreclose. You'll do a bk
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