Aloha,
This morning I received an approval for a short sale. Unfortunately the letter stated "The maximum FNMA will contribute to the HOA 6% or 6k of the balalance, whichever is less." Estimated HOA payments are $5518.65 and they took exactly 6% or $331.11 off. Has anyone else seen this?
So who can legally pay the difference? I might be able to get the HOA to waive the late fees and possibly some of the fees but not in the short close period of 14 days we have. If buyer agrees to pay, then WF could come back and say that purchase price is actually higher and they want some of that pie (as I've read about in forums). How would you record on the HUD who is paying?
I'm worried that we have a great cash buyer, great offer that isn't going to get approved.
Any recommendations?
Thanks, Kathy
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