Replies to This Discussion

Permalink Reply by Bryant Tutas on June 8, 2010 at 6:26am

Hi Amy. Only input the seller fees. And be sure to enter all of them. Some may need to be added under "additoinal fees"

Permalink Reply by Joshua Bragg on June 8, 2010 at 6:28am

Hi Amy, be very careful with this one ... If you would like to counter I would seek to have that conversation with your assigned negotiator and MAKE SURE that he/she is clear on your intention and that the Buyer is still committed (email, call). It may take longer to get this accomplished (b/c you really should give the BOA negotiator a heads up ... which probably means waiting for that person to call you) but it is better than the alternative ... I've had the experience of NOT being able to input numbers in order to counter the bank and I mistakenly REJECTED the BOA counter - do not do this. If you do they will likely kick you out of Equator and force you and the Seller(s) to re-initiate the sale from the beginning. A new negotiator will be assigned, etc .... and the clock is re-set. FYI .. include these costs Doc Prep, Wire Fees, etc. into closing costs - you are not likely going to get approval for individual line items like these, as long as closing costs do not exceed 3% (and the NET still works for the Investor) you will get them approved quicker as a lump sum. Good Luck.

Permalink Reply by AmyOkie on June 8, 2010 at 6:44am

So these fees are for buyers. But in the HUD-1 we uploaded, we didn't input any fees for the buyers. In such a situation, do I just input 0 in all the fees fields so that it can match HUD-1?

Joshua Bragg said:

Hi Amy, be very careful with this one ... If you would like to counter I would seek to have that conversation with your assigned negotiator and MAKE SURE that he/she is clear on your intention and that the Buyer is still committed (email, call). It may take longer to get this accomplished (b/c you really should give the BOA negotiator a heads up ... which probably means waiting for that person to call you) but it is better than the alternative ... I've had the experience of NOT being able to input numbers in order to counter the bank and I mistakenly REJECTED the BOA counter - do not do this. If you do they will likely kick you out of Equator and force you and the Seller(s) to re-initiate the sale from the beginning. A new negotiator will be assigned, etc .... and the clock is re-set. FYI .. include these costs Doc Prep, Wire Fees, etc. into closing costs - you are not likely going to get approval for individual line items like these, as long as closing costs do not exceed 3% (and the NET still works for the Investor) you will get them approved quicker as a lump sum. Good Luck.

Permalink Reply by AmyOkie on June 8, 2010 at 6:51am

oh, the fields are below. So, I should put 0 for Buyer Closing Cost Credit (as the buyer didn't ask for any), and put all the seller's fees in HUD-1 into the fields followed? I really don't want to mess up. Thanks!



Buyer Closing Cost Credit
Settlement Fee
Doc Prep
Title Insurance
Courier
Overnight Fee
Wire Fee
Re-conveyance Fee
Recording Fee
County Transfer Tax
Non-compliance Fee
HOA Transfer Fee
Home Warranty Amount
Repairs Description Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Repairs Amount
Transfer Fees Amount
Inspection Period (Days)
Other Expense Description 1 Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Other Expense Amount 1
1st Lien Per Diem Amount
2nd Lien Per Diem Amount
FHA/VA Allowable Costs
Other Expense Description 2 Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Other Expense Amount 2
Comments 2 Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Commission Percent
Commission Amount
1st Lien Release Amount
2nd Lien Release Amount
Other Lien(s) Release Amount
Other Settlement Costs

Bryant Tutas said:

Hi Amy. Only input the seller fees. And be sure to enter all of them. Some may need to be added under "additoinal fees"

Permalink Reply by Gunna Voigt on June 8, 2010 at 7:01am

Since the HUD 1 tells the bank the net to them, they need all the numbers reflecting that net figure. I seem to remember that Equator has all lthe specific lilne items for you to put the numbers in.

Permalink Reply by Joshua Bragg on June 8, 2010 at 7:25am

Hi Amy, curious about other people's perspective on this but ... I'd do an Addendum to the P&S asking for closing costs i.e. any associated fees as a seller's contribution to the buyer's closing costs .... I don't think that you can get BOA to pay for Reconveyance, Doc Prep, et al as separate line items (regardless of whether or not they have line items available to input these) .... I could be incorrect, but my preference is to keep things as simple as possible ... BOA seems to believe the exact opposite. Call and email your negotiator ... tell 'em what you want to do and ask how they would like it done - again better to spend a couple days ironing this out than risking getting kicked out of the whole system and having to start over. Interested to see how everyone else addresses this issue as well ... so reply and considered responses are certainly appreciated (as I am sure they are by you as well Amy) let us know how it goes Amy.

Permalink Reply by Brigitte Powell on June 9, 2010 at 11:36am

Amy, they come back with the SELLER counter you put in the info from the Sellers side of the HUD1 and if the buyer has not agreed to pay for anything then don't put anything in there. The sheet I sent you comes straight from equator.com And whoever it was that told you not to ask for all those little things is probably right, because FreddieMac will come back saying they will not pay for all that....don't know what Fannie does...yet. Put the info on the Sellers side into the equator.com first column which will say buyer if you are putting it in for the first time. ( if you still don't get it, do ask your negotiator...if he or she calls you back). Again, you put in the Sellers fees but it will be the 'buyers" column in equator...they respond in the next column as the "Seller" I can see how you can be confused

AmyOkie said:

oh, the fields are below. So, I should put 0 for Buyer Closing Cost Credit (as the buyer didn't ask for any), and put all the seller's fees in HUD-1 into the fields followed? I really don't want to mess up. Thanks!



Buyer Closing Cost Credit
Settlement Fee
Doc Prep
Title Insurance
Courier
Overnight Fee
Wire Fee
Re-conveyance Fee
Recording Fee
County Transfer Tax
Non-compliance Fee
HOA Transfer Fee
Home Warranty Amount
Repairs Description Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Repairs Amount
Transfer Fees Amount
Inspection Period (Days)
Other Expense Description 1 Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Other Expense Amount 1
1st Lien Per Diem Amount
2nd Lien Per Diem Amount
FHA/VA Allowable Costs
Other Expense Description 2 Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Other Expense Amount 2
Comments 2 Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed Agent Must input all fees from Hud1 before negotiations can proceed

Commission Percent
Commission Amount
1st Lien Release Amount
2nd Lien Release Amount
Other Lien(s) Release Amount
Other Settlement Costs

Bryant Tutas said:

Hi Amy. Only input the seller fees. And be sure to enter all of them. Some may need to be added under "additoinal fees"