I have been working on a BOA HAFA since Nov. 2010. Approved short sale price is $80,895. A buyer has offered $83,000, and has asked the seller to pay $3,000 in closing costs.
Asset company says net is good. (Buyers attorney prepared HUD prelim.) But she needs to have the $3,000 in closing costs itemized, because BOA won't pay certain costs. Actually the buyer is paying most of the closing costs by rolling them into the loan.
The buyers attorney is trying to get the closing costs from the buyers lender, but it has been over a week and nothing.
I am irritated, the seller is irritated, the buyers agent is irritated, the buyer is irritated. Is this normal? Would it be the same scenario, if the buyer had offered $83,895, and asked for $3,000 in closing?
Any advice?
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Keep in mind - HAFA is a gov't program and held to their limitations. regardless of net to the bank or what bank it is - its HAFA - there may be limits - in percent of purchase - that may be available because of the program.
I had a HUD SS where the buyer wanted a 1K concession and HUD said no because the buyer wanted to buy via VA loan but would give 1% if the buyer went FHA. Atthe same time, HUD lowered the price over 50K - go figure.
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