Help need bank to drop promissory note for short sale!

[Michael Soriano]

Hello Group,

I have a short sale that was approved, however the bank (via pmi) is asking the home owner to sign a promissory note of $50k. The negotiator told me that we have 2 choices either the seller signs the promissory note or the seller cancels the contract. Has any one had any luck negotiating these down? The bank is Wells Fargo. Any suggestions would be appreciated.

Michael

[Eric Mieles]

Evening guys. I'm a newbie to the site however I run a short sale processing company. Many people don't know how important it is to do a thorough discovery up front and find out if there is a MI company involved. They hold the keys to the kingdom and have the last say.

However there sole goal is to recoup as much as they can. In doing so sometimes they will accept a reduced amount in the. Form of a cash contribution or prom note. Have you countered at all? Is there anyone in the deal willing to contribute $500-$1000?

Try fighting a little bit offering something very small. We have had luck on getting some reduced down allowing us to move forward and close however on others sometimes MI companies wont budge. Good luck!