Tags:
I would think that as long as the seller credit is 3% or less it shouldn't be an issue. Why not just ask the lender to pay the HOA as a seller debit? I've had as much as $25,000 in HOA fees without much of a battle..
I have done this sucessfully a few times. The key is coordinating with your loan officer to see how it will look on the HUD...many lenders (especially with FHA financing) are very particular with what they consider allowable for the buyer to pay. Sometimes a seperate addendum is required for the lender only. Good luck on negotiating the lien!
Yes, I have done a few also where the Seller used HAFA + other incentive credit to pay part of HOA on the HUD-1. You have to put it on the HUD-1 and see if the Bank will allow as the others have suggested.
Another alternataive is to have the Seller pay the HOA the agreed amount directly if Bank does not allow. So this would be a POC transaction.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.