Our job as your Short Sale Agent is to give you, the Seller, the facts and let you make the decision.
Here are two responses recently received from Bank of America and how they were presented to my Sellers.
What Bank of America is really saying is “Yes we approved your Short Sale request now let’s work out the details”. This is the response we want.Right?
In response to your counter offer, BofA will not budge. They rejected your offer of $500. Below are the 2 options they have given.
OPTION 1: total proceeds of sale toward the 2nd $7,500.00 Can be any combination of proceeds of sale AND ‘cash contribution.
OPTION 2: $3,000 proceeds of sale PLUS new deficiency note for $5,000.00, payable at $150.00 each , 0% APR.
We already have $2,350 to give to the 2nd so subtract that from the $7,500 figure leaving $5,150 needed for the first option and for the 2nd option it would require $650 cash and a note for $5,000. The notes are soft which means they have zero interest and they are unsecured.
Now we could try to get the buyer up higher. Although I personally feel this may cause an appraisal issue with their mortgage. The note could possibly be negotiated for a longer term, say 5 years. That would make the payment $83.33. They may even go 7 to 10 years.
Please consider your options and let me know. We need to give them a response no later than tomorrow.CASE #2:
What are you thoughts? The other items are things I would take care of. Please let me know as soon as possible as time is of the essence.
***I am not an Attorney and cannot give legal advice. You are advised to seek competent legal and tax advice. Any decision you make may have negative repercussions.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
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