I just received an email from our Seterus negotiator asking for the seller to sign a promissory note for $27,000 and make payments of $450 for the next 60 months. Is there any body who has received a fannie mae counter and been able to counter back at a lower amount and get approved??
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ask what seller wants to do first, they may agree and you are done. If the seller is in a bad spot have them put together a letter stating they cannot afford a prom note to survive closing and state why (reiterate the hardship) and gracefully request they waive the prom note requirement.
Seterus negotiators always ask for prom notes in FNMA deals. My last one they asked for $50k prom note. A simple letter and 3 days later we had clean approval.