I'm an end buyer involved with a California short sale for 6 1/2 months. BOA is the first (owed $284k) and Citi the 2nd (owed $101k). It's a Freddie Mac and so Citi is only being offered $3000 but they want $9900. I'm trying to buy the house with a VA loan and the appraisal will be done soon because BOA countered my offer with a crazy high BPO.
Is there any way I can pay the difference ($6900) to Citi while using a VA loan? I'm not doing the "Citi thing" and do something outside of closing. I can go with an FHA loan or 10% down conventional but I really want to do the VA loan.
Any ideas? Thanks for your help.
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If you have the cash to pay the difference you can do it in one of two ways:
1) On the HUD as a P.O.C. Item "Paid Outside Closing". It goes directly on the HUD for disclosure.
or
2) Pay the $6900 to CITI with an agreement it comes BACK TO YOU if the deal does not close for any reason.
We have done both of the above without an issue.....
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