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  • Jana Reyes October 16, 2011 at 3:52am
    Depends on the laws in your state. I practice short sales in Califoria. Our laws here now prohibit banks from asking sellers for cash contribution and/promissory notes. Buyers and agents, however, still can contribute to the second, but only via the HUD, and only if the 1st allows it. I suggest calling your states Realtor Association's legal department to see what's allowed in your state.
    • Jenn > Jana Reyes October 16, 2011 at 4:08am
      Thank you Jana! This was my concern because it is hafa. I read what you are stating as well. We are FHA so we cannot contribute either. We are in Nevada but my agent seems to think that the sellers can contribute. It's confusing as a buyer because there are so many stipulations. I appreciate your insight. I am not sure how all this works!
  • Jeff Payne October 15, 2011 at 4:32am

    Yes the seller can contribute

    • Jenn > Jeff Payne October 15, 2011 at 4:51am
      Thank you so much for your reply Jeff. It looks like we should be good then. I have been stressed to the max so I really appreciate your expertise. You have no idea what a relief this is to me. Does the first (b of a) ever object to the seller contributing to the second? Or should it be pretty smooth sailing since the sellers have agreed to the seconds terms? Thank you again :)
      • Scott Gregory > Jenn October 16, 2011 at 2:32am
        Just be sure to disclose it on the final preliminary hud. Yes the first could object, but I haven't seen it happen often.
        • Jenn > Scott Gregory October 16, 2011 at 3:28am
          Thank you Scott! This has been a lengthy process and as we are getting closer to the end, I keep waiting for the other ball to drop. I really appreciate your response! I think I have to frequent here just for the support and to see that some of these deals really do close :)
          Thank you again!
  • Jenn October 12, 2011 at 12:05pm
    Sorry for my typo, can the SELLER contribute to the second?
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