Closing costs and ISSUES!! HELP!
My husband and I just signed on our short sale 2 days ago and we were told that we should get the keys on Tuesday. At closing my agent told us that the sellers are unable to pay $1,200 of the closing costs they agreed to pay. What are our options now? Are we able bite the bullet and just pay the remainder of the cost? If we do that, are going to have to to draw up all new documents? Also, can we roll the due amount in the loan we are asking for? Thanks for all the help!!! :)
Replies to This Discussion
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Permalink Reply by Wayne Brooks on
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My first thought...Just Say No.
I f the lender was requiring the sellers to pay $1,200, they had a lot more than that laying around. It is unususal for the lender to require the seller to pay. This might be the negotiator trying to get paid. Who was doing the negotiation, and how were they being paid? Restructuring your loan will delay things. Get a copy of the Final HUD from your lender, and if you already have one, look it over carefully with your agent. You may can figure out where the money is really going and was supposed to be coming from where.
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The work isn't done until both parties sign the HUD. Because the buyers mentioned they weren't getting keys until Tuesday, it sounds like the closing has not been completed yet. It the sellers still owe $1200 somewhere on the HUD, and they can't perform, the HUD has to be completely done over, switching the expenses to the other side. The sellers seldom bring money to the table at closing, so again, something doesn't sound right. Frankly, I have always made it a practice the sellers sign first, buyers sign second. This keeps everything clean. Once in awhile the sellers back out, file bankruptcy, you name it. Also, not having keys two days after closing is very, very bad for the end buyer. This is certainly an agent issue.
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I agree with Wayne. All of this sounds strange. You usually get your keys at closing. What did you sign? It sounds like you only closed one side, and the seller hasn't signed their documents yet. The $1200 discrepancy should have already been in the HUD and disclosed. The title company would have to do the HUD over, get it approved before everyone closed again. If you are signing something (outside of the HUD), you probably are paying negotiator fees that the bank refused to pay and the seller can't. When the bank refuses to pay the fees, and the seller can't, it usually comes out of the agents commissions.
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