Just had a Coop BOA close yesterday in Durham North Carolina .
The seller incentive was $2500.00 and we were set to close at 2pm.
I recieved a call from our closing coordinator saying we could not close today as the HUD 1 has to change. Of course this would be a headache as the buyer's loan packet had to be re-done if this was the case and we were 2 hrs from closing.
Our CC told us that the seller is now due a Home owner incentive additional to the $2500.00 of $9778.22 and that we had to have a revised approval letter and HUD 1.
I called the seller and of course they were shocked but very happy that these additional funds were coming in from who knows where...
To cut a long story short our negotiator along with the CC pulled strings to get this all done in less than 2 hrs and we were able to close on time and all parties were happy especially the seller they received $12200.00 at closing.
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Terrific news. Thanks for sharing!
This is the stuff of dreams! Good for you!
I got a counter in Equator yesterday for a Cooperative. This is a deal that had been previously approved but the stupid buyer walked. I was wondering what B of A could change in the counter because we matched the previous approval letter down to the penny. Was it the closing date perhaps? No, it was the relocation incentive. It jumped from $2500 to $25000. I kid you not!!!!
It's awesome when this happens. I'm sure the sellers were elated.
They are probably trying to get rid of the National Mortgage Settlement money...they have billions they have to spend in various ways over the next year or two. I am guessing we are going to start to see some pretty crazy stuff along these lines.