All Forum Posts by: Michael Soriano

We actually countered back with 5k and was told that the seller either had to sign the 50k promissory note or cancel the contract. This deal is NJ which is a recourse state.

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

For the investors in NJ doing short sales. What is the typical time frame that it has taken you to close deals from start to finish recently?

Thank you everyone for your input I appreciate it.

P.s. I left the success general as I wanted to be open to all ideas.

I have a question for investors who started off dead broke (I mean no money to even advertise) and became successful.
What are some of the things that made you successful or what was the 1 thing that really got you over the hump?

Thanks for sharing

Michael

I received the following message from a Wells Fargo Negotiator regarding a short sale I am working on.

I received a reply from the MI company on this short sale request. They are requiring the seller sign a promissory note to approve the short sale. The terms would be as follows:

Amount of note - $75000

$416.66 OVER 180 MONTHS, 0% INTEREST

WE WILL NEED THE BORROWER(S) FUTURE MAILING

AND PHONE NUMBER(S) TO SET UP THE PROMISSORY NOTE IF THEY CHOOSE TO ACCEPT.

Please review with the seller and let me know. Thanks!

I let him know that she couldn't pay that much per month & that I would speak to her and see if she could pay around $200. Negotiator reply:

The MI company does not negotiate their requirements. If the borrower is unable or unwilling to sign the required promissory note, we will not be able to move forward with a short sale. Please advise

Does anyone have experience with negotiating these away. Can the home owner after signing the note then negotiate terms later on down the line.

Smitnlit,

Thanks for the heads up regarding using independent appraisal. Long story short agent previously had a lawyer doing short sale and didn't want her to drop price. Not sure why

Outside of the normal bpos strategies: meet bpo agent at BPO, bring comps. contract, repair est, send in your own bpo or appraisal. Has anyone used any other strategies consistently that has really helped bring in a good BPO .

I have a short sale(B.O.A) that the BPOcame in at $155k -this house has been listed close to a year at $155k with no serious offers. We let the original expire and the 2nd one cam in at the same value. Wt bleep

What is the best way to work with wholesalers when I have cash buyers? For the following: Make sure I get paid, the easiest & smoothest way to do this transaction(regarding signing contracts & assignments) & finally showing the property?

Thanks,

Michael

I don't know the details of there loan. I did tell them that I think they should get another opinion. REgarding the notes would this be something that applies to a rental property(rider)? I ask because this is their primary residency