Replies to This Discussion

Permalink Reply by Ben Benita on April 22, 2010 at 4:20pm

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.....

Permalink Reply by Tim Harrison on April 23, 2010 at 4:21am

Ben, thanks for the great info! Has this worked with a VA loan?

Permalink Reply by Ben Benita on April 27, 2010 at 3:50am

we have never had any issues writing things in as P.O.C.......the great thing, it IS on the HUD so you have full disclosure.

PLEASE let me know if VA or anyone takes issue therewith so we can address accordingly.

Permalink Reply by Cheri Smith on September 29, 2010 at 9:54am

Ben,

I'm working on a short sale with Wells Fargo as the 1st and Citi as the 2nd. Wells offered Citi $3000 but Citi is demanding $5000. Buyer and Seller each agreed to contribute $1000 to give Citi their $5000 but Wells said if they see additional funds (above the $3000) going to Citi they will deny the short sale because they want that money. Do you think adding a POC item to the HUD would work in this situation?



Ben Benita said:

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.....

Permalink Reply by Patti Lyles on October 14, 2010 at 5:15am

So Cheri,
I am dying to know what happen please please tell me right Way.
I have the same problem! Did you do a P.O.C. like Ben suggested? Did it work?

Patti