I'm at the end of the road on a short sale with Wells/ASC. The initial HUD that the approval was based on had a closing date that has now passed. The revised HUD with a closing date in the future now has a smaller credit to the seller for pro rated property taxes. That is causing a decrease in the net to ASC.
Also, there is a $77 lien release recording fee that they are refusing to pay. Anyone have experience with that?
We are $307.65 from their approved net proceeds. I'm trying to get them to reconsider but seem to be hitting a wall.
Any suggestions? I have a cash buyer and we are trying to close Friday.
We have a clause in our Short Sale Addendum that buyers agree to pay for up to $500 miscellaneous rather than going back to the lender. If the parties and brokers are serious, i wouldn't go back to WF, but just absorb it and close. My 2 cents....
Wells goes off a net to the investor...if the net is compromised it will not close...Tell the parties you are short to close and ask them to contribute. If it is HAFA the seller will not be allowed to contribute so it may have to go on the buyer's side of the HUD1 to get HUD1 approval-just move to closing. It's a waste trying to get them to cover this for you.
Thanks! We worked it out. It was just frustrating to be that close and not be able to get them to eat it. Next time I'll be sure to check the HUD to make sure the date is way out in the future to get approval.