"Hello... BAC policy is CCC for buyers only if they are VA/FHA so if this is conventional you would not receive them; Even if there are is a positive balance left over after allowable closing costs are paid, they will go back to the bank.…"
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BofA Approval Letter - How to interpret it??? Closing costs vs commissions.
Started this discussion. Last reply by Samantha Fenn Aug 14, 2011. 7 Replies 0 Likes
Hi,We are the buyers and received a short sale approval from BofA! They have moved along super fast.property in southern CA.* 30 days, received the counter offer from BofA. They would not pay…Continue
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Samantha Fenn replied to g20zoom's discussion BofA Approval Letter - How to interpret it??? Closing costs vs commissions.
Kimberley Kelly replied to g20zoom's discussion BofA Approval Letter - How to interpret it??? Closing costs vs commissions."Commission is DEFINATELY included in Net Seller closing costs. Go over the numbers..if there is ANYTHING left over, Buyer nor Seller will get it..Short Sales net goes to Lenders. Read the approval letter very carefully. Ask your…"
Maria L Ramos/Broker replied to g20zoom's discussion BofA Approval Letter - How to interpret it??? Closing costs vs commissions."It looks like the $750 was countered out but the closing cost should not be and you should be able to get some for closing cost. You need to look at the settlement statement HUD1 that was used to negotiate the approval of this short sale.…"
Sara Mehrpouyan Los Angeles CDPE replied to g20zoom's discussion bofa Approval letter - how to interpret it??? closing costs vs commissions"Jeff, i meant that same thing that you have stated-- the commission is listed separately. Thanks."
Jeff Payne replied to g20zoom's discussion bofa Approval letter - how to interpret it??? closing costs vs commissions"The closing costs include the commission, the commission is only stated separately so that there is a cap on the commission. Outside of commission there is title insurance, closing fees, tax prorations, HOA fees, transfer fees, etc.
I…"
Sara Mehrpouyan Los Angeles CDPE replied to g20zoom's discussion bofa Approval letter - how to interpret it??? closing costs vs commissions"Joe, closing costs should refer to the seller's closing costs - excluding the commissions. Commission is separate at $20,000. So, the way they have it written- it's $45,000 max. Good luck."
g20zoom posted a discussionbofa Approval letter - how to interpret it??? closing costs vs commissions
Hi,We are the buyers and received a short sale approval from BofA! They have moved along super fast.property in southern CA.* 30 days, received the counter offer from BofA. They would not pay seller's $750 escrow fee. Fine.*10 days later, we received the approval letter. Awesome. In our original offer, we did not ask for a closing cost credit.The bofa approval letter states$500k purchase priceSect 4a) Closing costs to not exceed $25,000Sect 4b) Max commission paid $20,000 My question is,…See More
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