[yellow8yellowm]

[quote=SD Realtor]…make sure you build in a credit for non recurring closing costs, recurring closing costs, and repairs into the original offer. That way it will be included in the HUD that the listing agent delivers with the short sale package…which then require another HUD (most of the time) and then throws a wrench into the process.[/quote]

SDRrealtor: I’m not sure what you are saying here…Are you saying that we should have told them from the beginning that they would be responsible for up to say 5-10K of termite repairs? Isn’t that already in the contract since they are required to pay for section 1 repairs?

[yellow8yellowm]

[quote=SD Realtor]…make sure you build in a credit for non recurring closing costs, recurring closing costs, and repairs into the original offer. That way it will be included in the HUD that the listing agent delivers with the short sale package…which then require another HUD (most of the time) and then throws a wrench into the process.[/quote]

SDRrealtor: I’m not sure what you are saying here…Are you saying that we should have told them from the beginning that they would be responsible for up to say 5-10K of termite repairs? Isn’t that already in the contract since they are required to pay for section 1 repairs?

[yellow8yellowm]

[quote=SD Realtor]…make sure you build in a credit for non recurring closing costs, recurring closing costs, and repairs into the original offer. That way it will be included in the HUD that the listing agent delivers with the short sale package…which then require another HUD (most of the time) and then throws a wrench into the process.[/quote]

SDRrealtor: I’m not sure what you are saying here…Are you saying that we should have told them from the beginning that they would be responsible for up to say 5-10K of termite repairs? Isn’t that already in the contract since they are required to pay for section 1 repairs?

[yellow8yellowm]

[quote=SD Realtor]…make sure you build in a credit for non recurring closing costs, recurring closing costs, and repairs into the original offer. That way it will be included in the HUD that the listing agent delivers with the short sale package…which then require another HUD (most of the time) and then throws a wrench into the process.[/quote]

SDRrealtor: I’m not sure what you are saying here…Are you saying that we should have told them from the beginning that they would be responsible for up to say 5-10K of termite repairs? Isn’t that already in the contract since they are required to pay for section 1 repairs?

[yellow8yellowm]

[quote=SD Realtor]…make sure you build in a credit for non recurring closing costs, recurring closing costs, and repairs into the original offer. That way it will be included in the HUD that the listing agent delivers with the short sale package…which then require another HUD (most of the time) and then throws a wrench into the process.[/quote]

SDRrealtor: I’m not sure what you are saying here…Are you saying that we should have told them from the beginning that they would be responsible for up to say 5-10K of termite repairs? Isn’t that already in the contract since they are required to pay for section 1 repairs?

[yellow8yellowm]

Thanks for all the great advice…here are some responses to your questions, etc:

1. We are “kind of” calling their bluff. There is NO WAY we will let this issue lose us the house. All we have done at this point is ask the bank to reconsider their offer to pay up to $75 for the repairs (why not just offer $0?).

2. The banks still has not actually approved the sale. It has all been verbal at this point and even though we are in escrow there has been no paperwork from the bank saying that they have accepted the deal. Either way, it has been since mid July that we’ve been waiting since the seller’s signed the offer, took it off the MLS and started negotiating with the bank.

3. We are actually locked in for 60 days with Navy Federal (check out their rates!) for “free” so we have a few weeks to dilly dally before losing out on our great interest rate.

[yellow8yellowm]

Thanks for all the great advice…here are some responses to your questions, etc:

1. We are “kind of” calling their bluff. There is NO WAY we will let this issue lose us the house. All we have done at this point is ask the bank to reconsider their offer to pay up to $75 for the repairs (why not just offer $0?).

2. The banks still has not actually approved the sale. It has all been verbal at this point and even though we are in escrow there has been no paperwork from the bank saying that they have accepted the deal. Either way, it has been since mid July that we’ve been waiting since the seller’s signed the offer, took it off the MLS and started negotiating with the bank.

3. We are actually locked in for 60 days with Navy Federal (check out their rates!) for “free” so we have a few weeks to dilly dally before losing out on our great interest rate.

[yellow8yellowm]

Thanks for all the great advice…here are some responses to your questions, etc:

1. We are “kind of” calling their bluff. There is NO WAY we will let this issue lose us the house. All we have done at this point is ask the bank to reconsider their offer to pay up to $75 for the repairs (why not just offer $0?).

2. The banks still has not actually approved the sale. It has all been verbal at this point and even though we are in escrow there has been no paperwork from the bank saying that they have accepted the deal. Either way, it has been since mid July that we’ve been waiting since the seller’s signed the offer, took it off the MLS and started negotiating with the bank.

3. We are actually locked in for 60 days with Navy Federal (check out their rates!) for “free” so we have a few weeks to dilly dally before losing out on our great interest rate.

[yellow8yellowm]

Thanks for all the great advice…here are some responses to your questions, etc:

1. We are “kind of” calling their bluff. There is NO WAY we will let this issue lose us the house. All we have done at this point is ask the bank to reconsider their offer to pay up to $75 for the repairs (why not just offer $0?).

2. The banks still has not actually approved the sale. It has all been verbal at this point and even though we are in escrow there has been no paperwork from the bank saying that they have accepted the deal. Either way, it has been since mid July that we’ve been waiting since the seller’s signed the offer, took it off the MLS and started negotiating with the bank.

3. We are actually locked in for 60 days with Navy Federal (check out their rates!) for “free” so we have a few weeks to dilly dally before losing out on our great interest rate.

[yellow8yellowm]

Thanks for all the great advice…here are some responses to your questions, etc:

1. We are “kind of” calling their bluff. There is NO WAY we will let this issue lose us the house. All we have done at this point is ask the bank to reconsider their offer to pay up to $75 for the repairs (why not just offer $0?).

2. The banks still has not actually approved the sale. It has all been verbal at this point and even though we are in escrow there has been no paperwork from the bank saying that they have accepted the deal. Either way, it has been since mid July that we’ve been waiting since the seller’s signed the offer, took it off the MLS and started negotiating with the bank.

3. We are actually locked in for 60 days with Navy Federal (check out their rates!) for “free” so we have a few weeks to dilly dally before losing out on our great interest rate.

[yellow8yellowm]

[quote=XBoxBoy]Play hardball…..
2) The bank refuses, and forecloses. Two months from now you buy the place for 10% less than your current deal.XBoxBoy[/quote]

The question that remains is that will the bank realize that they will lose more money by foreclosing? Or will they hold the property so they can write off the loss later? It’s Wells Fargo by the way…

[yellow8yellowm]

[quote=XBoxBoy]Play hardball…..
2) The bank refuses, and forecloses. Two months from now you buy the place for 10% less than your current deal.XBoxBoy[/quote]

The question that remains is that will the bank realize that they will lose more money by foreclosing? Or will they hold the property so they can write off the loss later? It’s Wells Fargo by the way…

[yellow8yellowm]

[quote=XBoxBoy]Play hardball…..
2) The bank refuses, and forecloses. Two months from now you buy the place for 10% less than your current deal.XBoxBoy[/quote]

The question that remains is that will the bank realize that they will lose more money by foreclosing? Or will they hold the property so they can write off the loss later? It’s Wells Fargo by the way…

[yellow8yellowm]

[quote=XBoxBoy]Play hardball…..
2) The bank refuses, and forecloses. Two months from now you buy the place for 10% less than your current deal.XBoxBoy[/quote]

The question that remains is that will the bank realize that they will lose more money by foreclosing? Or will they hold the property so they can write off the loss later? It’s Wells Fargo by the way…

[yellow8yellowm]

[quote=XBoxBoy]Play hardball…..
2) The bank refuses, and forecloses. Two months from now you buy the place for 10% less than your current deal.XBoxBoy[/quote]

The question that remains is that will the bank realize that they will lose more money by foreclosing? Or will they hold the property so they can write off the loss later? It’s Wells Fargo by the way…

[Author]

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