Rounding out a great week of content on lender counter offers, there are still a number of good stories to tell. Kevin and Fred haven't been very excitable this week, but they are on holiday in Italy. So, we should all give them a break. As is tradition with Friday, it's time for a narrative.

A short time ago there was a situation with Aurora Loan Services. Kevin and Fred knew the BPO on this short sale because they had a prior offer that was approved, but the buyer cancelled. So, Kevin and Fred got a new offer with all of the usual fees and closing costs. Yet, the negotiator told the Group 46:10 staff that the closing costs needed to be removed. Initially, Kevin and Fred weren't certain if this was a mitigation counter offer or a collection counter offer. However, they ultimately learned that the counter offer was regarding net proceeds. Through a little meticulous paperwork, they were able to decrease the closing costs because of a few taxes that had already been paid.

In essence, Kevin and Fred just wanted to know what the bank needed to recoup in net proceeds with this loan.

Herein lies the basis behind the entire week of conversations on counter offers. The negotiator let Kevin and Fred know that she needed to net $266,000 to get this transaction completed. As soon as all parties had the identical information, they could all work to get to the same position and complete the transaction.

The end result is that the negotiator was trying to net about 85% on the transaction and there was a second note that wanted a few thousand dollars. Essentially, when everybody shares what they need from a transaction, the transaction can get done. Net proceeds are the lone thing that matters!

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