I am working on a short sale with Third Federal. We have a cash offer that came in close to the appraised value yet the bank is asking my seller to sign a promissory note for the full amount of the deficiency ($60k). They stated that the sellers really don't have a hardship since the moved to put the daughter in better schools (note the city they lived in went down the drain and they had no idea when they bought the home in 1997 that the school system would diminish). Any suggestions would be helpful? I have told the sellers to consider countering the offer from the bank.
Thanks in advance
Sajag
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Counter with a cash contribution OR sign the prom note and pay it back since they moved for their benefit and did not really have a hardship. Perhaps discuss with them that owing $60K is much better than making the full mortgage payment every month? If I were to put myself into the bank negotiators shoes, it may be hard to see their hardship