Closing Costs
Is anyone having a challenge getting closing costs paid for Fannie Mae. I have a short sale where the bank negotiating the short sale will not allow any closing costs to be paid. The buyer's are doing VA financing and they will not pay at all. By the way the offer is 102K and their appraisal came in at 112K. So they countered back at 112K and no closing costs covered. If they were getting FHA financing they would pay 1% of buyers closing costs. They buyer is asking for 3000.00 toward buyer closing costs. Any suggestions? The buyers cannot come in with closing cost. The foreclosure date is 12/4/12. Looking for suggestions.
Replies to This Discussion
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Permalink Reply by Larry A Willard on
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Appraisal Fair market Value? If so get the Investors 90% Net If you're getting the Investor good value after contributions this should not be an issue? From what your asking the Investors to contribute their net is around 80 % This is too low for the servicer to approve or even submit to the Investor. Remember they look at Guidelines! Good Luck!
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Permalink Reply by Stephanie Smith on
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Thanks you for the help. Do you know if they will allow the buyers closing costs to be paid by the sellers (meaning the homeowners)?
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Permalink Reply by Kevin - Greenville, SC on
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FNMA has recently changed the Guidance provided to Servicer's regarding allowable Closing Costs. It shouldn't/doesn't matter what type of Loan the Purchaser is obtaining.
Escalate the file.
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Thank you
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