HAFA approved but not approved???
In September my client received the HAFA approval letter that set forth the conditions of her "approved" HAFA sale which included a $3000 relocation assistance. We submitted a full price offer and added $3000 to the top for seller concession. A week ago, the bank sent us a counter offer in which they removed a few small fees. We agreed. However, today the negotiator called me and told me that they could only do $1000 seller contribution b/c otherwise it didn't meet their bottom dollar. I questioned how this could be when all we did is ADD the money we needed for seller contribution to the number on the HAFA approval. Basic math tells me it should work! The negotiator even said that if went back down to the HAFA sales price and didn't ask for the seller contribution, it would work. Huh?! We added the money to their number!! I simply don't get it and don't know who to call for help. Anyone have any suggestions?
Replies to This Discussion
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Permalink Reply by Suzanne White on
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Logic does not always prevail in short sales. Depending upon the investor, there may be no allowance for seller concessions. It does not matter what the net is. For example, on an FHA short sale, seller concessions can only be 1% of purchase price IF buyer has an FHA loan. It doesn't matter if you increase the purchase price, maximum 1% can be paid. This may be the same type of rules for your client's loan.
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Permalink Reply by Kevin - Greenville, SC on
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Suzanne - The FHA PFS Program 'Guideline' for CC is NOT set it stone. They will generally grant a variance if the NET is being met. You will however, have to fight the Servicer in most cases to get them to submit the variance request to the NSC of HUD.
http://www.scribd.com/doc/72348860/HUD-90051-Variance-for-3-Closing...
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Cindy, Who is the Servicer? What type of Loan?
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