Please let me know if anyone has been able to do this.
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too many variables to know....
David. Lenders will normally allow the seller to contribute 3% of the purchase price towards the buyer's closing costs. This is not added to the purchase price it's just one of the expenses deducted from the purchase price. This amount may vary depending on the type of short sale and who the investor is. But 3% is a good rule of thumb and within reason.
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.
I have had two deals where BoA approved some, not all, of buyer CC. most recent one was 3% max. We did not add it to the sales price but did give full price offers! We had the amounts in our p&s and also our pre approval letter.
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.
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