and the bank wanted what?

My client made an offer on a short-sale to purchase a condo about 5-months ago.  The offer made  was $16K higher than list price, the bank finally advised  they wanted $5K additional from the buyer (which was okay with her) but then wanted seller to come to closing with $12,000.00;  if they did not come with the cash, the seller would be required to sign a 25-year promisory note for $125.00 per month – Needless to say, seller refused – I imagine I will need to look to the foreclosures for this one.

4 comments on “and the bank wanted what?”

  1. Tammy Schweitzer LLC Reply

    It’s the wild wild West out there, I am sure all of us have some horror stories when it comes to SHORT SALES…..
    I had one this week where the bank because of an error in that they got MORE money then expected wanted to cancell the deal take back the apartment all this 3 weeks after closing after new owner occupied his SHORT SALE purchase….we worked it out but…….??? What’s up out there…

  2. Terry Barnhart, P.A. Reply

    I think you and Tammy Schweitzer win the awards regarding short sales. Actually, I think, as frustrating as your’s was, Tammy win’s the grand prize. It is not even closed, but I did, run into a new situation last week. (It does not win grand prize.) The seller is wanting $60,000 cash (asking $780,000) more than what he will offer the bank. Fortunately, I was previewing for an out of town client that is looking for ‘deals’ in South Beach, so I simply did not mention the property to the Buyer. I do not know where/how, but I am sure I would be involved in some kind of fraud scheme, and I like my real estate lics.
    Thanks for posting this, as it reconfirms some of my thoughts.
    By the way Tammy – it is the wild wild west right now.

  3. Andrea & Scott Harrington Reply

    I’ve had two short sale deals. One – only one loan- the mortgage insurance company wanted 20% of purchase price so my seller did sign a promissory note for $30,000. The second deal, the second which was owed $161,000 settlement for $50,000. Seller paid it. Yes, banks are asking for sellers for money.

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