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#448767 - 11/09/15 09:41 PM Fannie Mae/Seterus Short Sale help needed
copenwbpos Offline
Member

Registered: 08/20/08
Posts: 33
Loc: Midwest
Can someone give me advice on a short sale I'm working on? We have an offer that was negotiated through the homepath website and all terms ended up being accepted with exception that they are requiring the seller to make a $2,000 cash contribution at closing. Sellers are not able to do that. I offered to lower commission amount by $2,000 and they still declined it. They say they will not approve any other offers even if they are higher than the current one unless the sellers make a $2,000 cash contribution. Any ideas or suggestions? Thanks!

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#448773 - 11/10/15 05:22 AM Re: Fannie Mae/Seterus Short Sale help needed [Re: copenwbpos]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7564
Loc: Vermont's North-East Kingdom
That little detail should have been explained to the Sellers (and his Lender) when the Offer was first presented . . . . the requirement is mentioned in all of the HomePath Brochures.

You'll have to up the Offer by $2000 in order for the Seller (or his Mortgagee) to have the $2000 available to contribute to HomePath.

That $2000 is what keeps HomePath in business, and I think it's been a strict requirement for at least the past 10 or 12 years. If you can work some magic to get them to make an exception, let us know . . . . because it'll be the first.

I've done several of these, and the $2000 has always been there . . . . I don't recall doing it on a Short; but it's got to come from somewhere (out of the Commission ?).

I'd be looking for a different source of Financing unless you can sweet talk the current Lender into contributing, or Buyers will pay that much more so that it's a wash.

You or the Buyer's Agent should have mentioned this earlier.

Good Luck !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#448800 - 11/10/15 09:30 PM Re: Fannie Mae/Seterus Short Sale help needed [Re: Vermont]
copenwbpos Offline
Member

Registered: 08/20/08
Posts: 33
Loc: Midwest
Fannie says that's not acceptable. We've offered to up the PA price or lower the commission amount. Either way they say they will not agree to the short sale unless the cash contribution comes from the sellers. Just plain crazy in my opinion that they get the same net but unless it comes from the sellers they will not approve the short sale.

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