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david milstead's Discussions

Will BOA allow a Buyer to finance closing costs by adding $5,000 to the approved sale price?

Started this discussion. Last reply by Cody Lampariello Dec 12, 2011. 5 Replies

Please let me know if anyone has been able to do this. Continue

Does BOA allow a Seller to replace furniture to close a sale

Started this discussion. Last reply by Tonia Vickery Dec 12, 2011. 21 Replies

My Seller needs to replace about $4,000 worth of furniture in order to close a transaction on an approved short sale.  Has anyone done this successfully?Continue

Making too much money to short sale?

Started this discussion. Last reply by Donna McClelland Oct 16, 2011. 9 Replies

 I have a client who is netting $450,000 on his taxes.  His expenses are approximating $700,000.These expenses are not deductible to his business.  He has four condos and would like to short sale at…Continue

How Much Damage to Credit After a Short Sale?

Started this discussion. Last reply by Jason Boykin Aug 11, 2011. 10 Replies

 Does anyone have concrete evidence of the damage to a credit score after a short sale if the seller is not delinquent on mortgage payments or any other items. How long will it be until they can get…Continue

 

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Tonia Vickery replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"David, it is unfortunate that the seller is even in this position to start with. To go through all this work and stress on your part and the seller's only to have the ONE buyer out there who demands $4,000 in new furniture? Really? This is the…"
Dec 12, 2011
Mike Rizzo replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"I guess the simple question is replace the furniture with what?  Different furniture that the buyer has picked out?  How do you know if you are satisfying the buyer.  If the seller is in agreement to purchase new furniture for the…"
Dec 12, 2011
Cody Lampariello replied to david milstead's discussion Will BOA allow a Buyer to finance closing costs by adding $5,000 to the approved sale price?
"My experience says this is the correct answer to your question. As long as it is FHA or VA I have had buyers agents request closing costs on conventional loans which will get denied."
Dec 12, 2011
John Treadwell replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"Seller can do whatever for the buyer after closing. but the furniture will never get approved by anyone in the short sale approval.    Buyer and seller can agree to whatever they want outside the sale.   everyone is right…"
Dec 11, 2011
Dale Bradbury replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"Lot's of sound advice here generally on the premise that furniture and other personal property not affixed to the real property should be handled outside of the transaction between buyer and seller.   With just a one liner of a…"
Dec 11, 2011
Kathleen Sheridan replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"In my experience, furniture, whether sold or given by the seller to the buyer, is not part of the agreement of sale, even though we do include certain 'customary' items which in this location includes washer/dryer, refrigerator, and…"
Dec 11, 2011
Thom Colby 888-391-5245 CA Brkr replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"The original post came from David in Gulf Shores Alabama.  I expect the subject property is probably a rental / investment property.  On rental properties furniture is typically included on an Addendum / Detailed list when…"
Dec 11, 2011
SSbuyer replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"I'm surprised at all of the surprise about this. Particularly if this is a condo or townhouse located in a community where rentals of the units are common, aren't furnishings (including housewares) often included to offer a…"
Dec 11, 2011
Valerie Crowell replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"Of course we don't know what State this sale has occurred in, but in California we sell real property.  Personal property can become real property by method of attachment, whether or not it is immovable, and so on.  Some can be…"
Dec 11, 2011
Donald Johnson replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"This was actually a good topic to bring to light. Most agents are completely unaware of this subject matter since it is not really taught in pre-licensing, or any other class other than a college level real estate course. The fact is…"
Dec 11, 2011
Valerie Crowell replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"Why does the furniture have to be in the deal?  Like others have said, we sell real property, not personal property.  And why does the seller have to replace the furniture for the buyer?  It sounds like another buyer is the right…"
Dec 11, 2011
Rodney Mason replied to david milstead's discussion Will BOA allow a Buyer to finance closing costs by adding $5,000 to the approved sale price?
"A lot will depend on what type of mortgage the seller currentl has.  I have a buyer that got their BOA short sale approved last week.  Their seller has an FHA mortgage and BOA would only allow a 1% contribution to closing costs/pre-paids."
Dec 11, 2011
Rodney Mason replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"If the buyer is obtaining a mortgage, then the buyer's lender will not allow furniture to be included in the sale.  That would be considered an inducement to purchase and is not allowed in the lending world.  The sales contract should…"
Dec 11, 2011
Mary Ellen Holleran replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"If your seller has $4000 sitting around I promise you that BoA will tell you to forward it to them to put toward the mortgage debt. They will not approve this."
Dec 11, 2011
Kimberley Kelly replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"Short Sales are different than Equity Sales.  This Buyer's Agent was apparently not aware of this???  Furniture etc., is done outside of escrow, not part of our deal or interest as Realtors.  Buyers and Sellers operate in their…"
Dec 11, 2011
Bryant Tutas replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale
"Furniture is not part of a real estate transaction and should be sold separately. Not why the seller would need to replace it before the buyer will close. Sounds like this deal was not properly negotiated from the get go."
Dec 11, 2011

Profile Information

First Name
david
Last Name
milstead
State
alabama
City
gulf shores
My Profile
23 yrs in the business. Handle commercial and beach property.

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