Comment

Comment by Kent Dills on July 30, 2010 at 7:38am

Tina, I've completed 4 or 5 PFS short sales and there was never any negotiation about commissions or servicer or investor asking for a piece of the commission. Note: commissions were never > 6% though. If they are, you might be open to push-back on that.

Comment by Tina Farinas on July 30, 2010 at 7:28am

Has anyone here successfully complete an FHA under PFS guideline? Was there a negotiation in terms of lenders asking agents to contribute a portion of their commissions to make it happen?

Comment by Bryant Tutas on July 8, 2010 at 5:45am

Ben is correct. 1% but ONLY if the buyer is using FHA to purchase the property. If it's a conventional mortgage they cannot pay any of the buyers costs. There is no way around this. When you take on a FHA PFS listing you just have to find a buyer that is able to pay their own costs.

Comment by Kent Dills on July 8, 2010 at 4:15am

Ben, please click on the link above to MORTGAGEE LETTER 2008-43 so conveniently provided by some nice person. Downloand the pdf. It answers your question about 1% seller concessions on page near the top of page 13. The document also answers about every question one might have about the HUD/FHA Pre-Foreclosure Sale (PFS) Program. Read and heed and have a nice day! ;-)

Comment by Ben Racela on July 8, 2010 at 4:12am

I currently have one where the lender will not pay for 90% of the closing cost including section 1100 of the HUD. Tough but trying to figure a solution and the buyer is a conventional buyer. Any suggestions?

Comment by Deidre St. Romain on July 8, 2010 at 4:05am

Me too Ben - don't know if that is current information because this was a couple of months ago that BOA allowed only 1% in cc assistance. Honestly don't know why they would allow more now - if anything they would discontinue altogether.

Comment by Ben Racela on July 8, 2010 at 3:43am

Jessica - I have been told that HUD will only contribute a 1% of purchase price towards the buyer's closing cost if the buyer is using a FHA loan.

Comment by Jessica Sulliman on July 2, 2010 at 2:39pm

has anyone found a way to get the buyer 3% in closing costs concessions on a HUD short sale??

Comment by Lisa Helweg on July 2, 2010 at 12:08am

Laura-
Very helpful information. Thanks!

Comment by Laura K Baldwin on July 1, 2010 at 1:15pm

Lisa, of course do this in a way that allows the negotiator to save face and give you what you want.

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