I am the buyer of a short sale. We just got the verbal approval today after 9 weeks. B of A says they will not cover the 3% closing we have requested unless we go FHA (which we don't want to do). Our offer was 15K over listing and I'm not sure that the house will even appraise that high.
How can I counter the closing costs? What steps should be taken by the SA? I feel helpless with no way to talk to B of A directly. After reading some of the problems others have gone through I am terrified that a counter will wipe out the whole deal.
Thank you for any advice.
C
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I have a conventional sale and B of A just approved the closing costs...
Congratulations Kim. How did you get BOA to pay the closing costs on a conventional loan. I am a buyer who just receivd BOA's approval letter on Saturday and would love to have BOA pay all or part of the closing costs, especially since I learned that the property needs termite fumigation. Any suggestions? Still aiming for 6/30 close.
Kim Carlson said:I have a conventional sale and B of A just approved the closing costs...
Julie. Your request for closing costs assistance would have needed to be in the contract between you and the seller and the figure would have needed to be on the preliminary HUD statement when the short sale was submitted. If you have just now received the approval you are a little too late to throw this into the mix at this time. The short sale would have to be resubmitted. Most you could get anyway would be 3% of the contract price.
Julie R. said:Congratulations Kim. How did you get BOA to pay the closing costs on a conventional loan. I am a buyer who just receivd BOA's approval letter on Saturday and would love to have BOA pay all or part of the closing costs, especially since I learned that the property needs termite fumigation. Any suggestions? Still aiming for 6/30 close.
Kim Carlson said:I have a conventional sale and B of A just approved the closing costs...
Thank you Bryant, for this reply, and for co-founding this site. After nearly walking away, the escalations have given way to a possible close on 6/30. The only remaining obstacles are whether the selling agent can obtain the HUD-1 back by Wednesday and whether the County will record on the same day. Other than that, it looks like I just might be a first time home owner after all and be able to put my flag out for the 4th of July. =)
Bryant Tutas said:Julie. Your request for closing costs assistance would have needed to be in the contract between you and the seller and the figure would have needed to be on the preliminary HUD statement when the short sale was submitted. If you have just now received the approval you are a little too late to throw this into the mix at this time. The short sale would have to be resubmitted. Most you could get anyway would be 3% of the contract price.
Julie R. said:Congratulations Kim. How did you get BOA to pay the closing costs on a conventional loan. I am a buyer who just receivd BOA's approval letter on Saturday and would love to have BOA pay all or part of the closing costs, especially since I learned that the property needs termite fumigation. Any suggestions? Still aiming for 6/30 close.
Kim Carlson said:I have a conventional sale and B of A just approved the closing costs...
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