I’m trying to negotiate out a promissory note for the seller on a short sale. Typically we try to increase the purchase price so they will waive the note. Lately, the PMI companies are rejecting this approach. I have no problem paying the contribution on the sellers behalf at closing as long as the bank says its ok. The conflict is when they want the seller to be the one to contribute.
I have heard of work arounds in which I can purchase personal property for the note amount etc. I’m looking for the cleanest solution(s) possible that won’t violate any laws etc.
Does anyone have any recommendations?
thanks in advance!