For those of you that wonder what I do all day, heres an email I had to send this morning. Not an easy one to send. -real real estate. I worked on this all day yesterday, and was in communication with everyone involved. We should be able to get this done by the end of the month under the terms of the attached pre-lim HUD, but we will be making concessions. Bottom line, lender more or less lied, but its not that bad. They verbally told us they would accept an offer of $130k. I put it on at 129,900, and would have gladly eaten the $100 myself if needed. You come to the table as a godsend with a full price cash offer. We get it in to them, and now they say it doesnt meet their minimum net, and we are about $3,300 ish short. Ive tweaked the numbers six ways from Sunday, and was able to come up with a good portion of it. I was able to get our negotiators to reduce their fee on the HUD from $1299 to $500. The second lien holder is the Florida Hardest Hit fund which put an 18k lien on the property that was supposed to reduce the principal, but of course when the money showed up all of the sudden attorney and other fees jumped to 18k, so that was eaten up there (this was in 2011). This was a loan/grant that is forgiven 20% per year for five years, and was originated in 2011. We had $1000 allocated for it, and they tell us now they will accept $500. Cant get it in writing until we have approval from the first, and the Hardest Hit Fund will respond in 10 business days once we have that. This still leaves us short. If you and I each contribute $500 from commission, and Buyer agrees to the attached HUD (which isnt bad), we should have a done deal that closes by the end of the month. HOA is current by the way. Your Buyers cash to close would be $130,901.80. Seller is broke and just had a baby, so no help there. Its a real heartbreaking story actually. So, bottom line, you buyer brings $130,901.80 cash to close, we each concede $500, total 1k from the both of us, and we should have a done deal. I think this is the best we will see, and we should close this month on these terms. Does this work for you? Let me know, and Ill get it in motion. We are in very good communication with the lender, so approval from the first should only take a matter of days, 10 business days from then for approval from the Hardest Hit Fund, and then we can close. Let me know your take, and I would really like to see this one work. This poor woman does not deserve what happened to her. I fought very hard on this as to not increase the purchase price to your buyer. Please let me know how you would like to proceed.
Posted on: Tue, 09 Dec 2014 14:24:51 +0000
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