Buyer of a short sale having to sign a promissory note? - promissory notes for sale
We look forward to buy a house is a short sale. The company agreed Kaufmann mortgage insurance, we offer if they sign a promissory note, you have this or have experience in this regard?
Tuesday, January 12, 2010
Promissory Notes For Sale Buyer Of A Short Sale Having To Sign A Promissory Note?
4 comments:
uh ... Insurance?
Never heard of it.
I ask my Atty property for consideration.
As a real estate investor, who can sell specialized in the purchase of real estate I have to say I've never encountered before. If they wanted more money than it would offer resistance.
I am twice as high as you are to your broker or company, or who told you this information, which seems a little confused. It is common for creditors to ask the seller a promissory note for a portion of the balance of the deficit number, but not the seller.
However, I can tell you that if a creditor asks a ticket often receive notice when 25% of that offer what you are looking for. In other words, they want a ball mark of U.S. $ 10,000 from the store with an additional $ 2500 if they agree to waive, the grade Prom.
So if you really need is not on the memorandum of the dance, which is highly unlikely to sign, and it is your dream home without them offer only 25%, so that they can do without the dance live, note taken.
I am a CA licensed real estate agent specializing in buying and selling of short sales.
Seller lender is required by the seller (not true) to pay for a change. Agents are creative and asked to pay the bill. It is not possible that you pay for. Go back and raise a stink, as follows:
1. After renegotiate an agent of the seller, what nobody has to pay for a change.
2. instead of a promissory note to see if they can increase the contribution to the lien holder.
3. Accepts that the seller a promissory note and then leave without paying. If they come after him, then they can declare bankruptcy.
If that fails, here is your ace:
4. Tell the brokers and agents said that the price reflects what you pay for and should not be a party to mortgage fraud. Once you start with the word "fraud", the responsibility, and no one will ask you to pay nothing will.
Good luck.
Then they are asked to raise the purchase price by the amount of the note. Are you sure that they ask you to sign this letter, not the seller?
Most often ask sellers to sign the letter because he borrowed money. But in this case, try to see if they have found a fool of himself. You will be asked to sign a note not reach for a party to the seller. I must admit I have never heard of a lender to ask.
Tell them a firm no and take care. I think that is walking in an area where very little experience.
Perhaps you want for 60 days or less and the borrower, the seller (), yet left further behind the payments. then the lender may be more willing to deal properly with you.
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