Wells Negotiator Says that HOA Docs & Transfer Fees are Non-Allowable Expense

Hello All:

I have a ATP from FHA and Well's Negotiator is telling me that the seller's HOA Docs and Transfer Fees are a Non Allowable Expense, even though their net is above the minimum per the ATP. I asked if there was another line on the HUD that he wants to see it listed on, and that it absolutely must be included, but he is saying it can't be done.

I don't buy it. Any comments from you all are appreciated.

Thank you

 

Views: 179

Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on February 29, 2012 at 6:07pm
Permalink Reply by Aneetra Isis Sherrell on March 1, 2012 at 1:44am
Read the PFS terms, there are a lot if fess that aren't allowed. Some negotiators overlook it, others follow the rules to the letter. Pick your battles...
Permalink Reply by John Edelman on March 1, 2012 at 2:49am

This is correct. HUD will not allow HOA fees to be taken from the sale proceeds. They consider them junk fees.  There are several ways to get them paid - the seller incentive, the buyer, etc.  - but HUD's policy is that they won't pay them.

Permalink Reply by Kevin - Greenville, SC on March 5, 2012 at 5:41pm

By HOA fees, do you mean HOA Dues?

Permalink Reply by Sherry Sims on March 5, 2012 at 5:44pm

No, not the dues, but the one time document fees and transfer fees that the seller is normally charged for in escrow.

Permalink Reply by Sherry Sims on March 4, 2012 at 5:02am

Thanks everyone for your responses.

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