Could you be more specific and give some examples? I have many times seen Chase agreeing to buyer paid closing costs. It is ultimately a "bottom line" thing as they end up paying for everything.
The offer is $195000 with $5k seller's concession. The buyer is going for an FHA loan with the minimum down payment.
Off hand I would say that is within reason. With an acceptable price, of course. Most lenders are aware of seller paid closing costs and will look at what is "normal". Typically with an FHA, 3% is the norm and you are within that.
Hi Elvira,
I had one close with Chase this month and the seller concession was $5k. We had the letter of approval from Chase and closing was all set. 4 hrs before closing the investor changed the concession to $1529.79 take or leave it..We had our backs to the walls. We tried to escalte this bt Chase could do nothing. In the end both agents had to contribute and alsohave the buyer bring an extra $2k to avoid this closing falling apart..My understanding also if it's an FHA short sale they only allow 1% of the purchase price if it's more than thay they have to request a variance which extends the process..
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