Replies to This Discussion

Permalink Reply by Karyl Moore on January 20, 2011 at 12:43pm

A similar thing happened to me and also with Chase.  It turned out the whole process was basically going to have to start all over from the beginning so the Buyers decided they could just add that other person after closing.  Hope your buyers can do that.

Permalink Reply by Lori Young on January 20, 2011 at 12:55pm

You are asking to amend the approvals to add an additional buyer.  Make sure you let them both know that it is for buyer financing and not a flip.  It would help to already have a signed amendment to the purchase contract and something from the buyers lender as proof and for the records.  The reps are pretty good if you have your ducks in a row.

Permalink Reply by Sridhar Vemuru on January 20, 2011 at 12:58pm

Hi Karyl:

 

Unfortunately the buyers cant do this. The additional buyer is a cosigner on the loan.

 

Sridhar

Permalink Reply by Sridhar Vemuru on January 20, 2011 at 1:12pm

Hi Lori:

I am going to approach both the lien holders once I get the approval from the purchasers lender and hope  they will agree.

 

Sridhar Vemuru

Lori Young said:

You are asking to amend the approvals to add an additional buyer.  Make sure you let them both know that it is for buyer financing and not a flip.  It would help to already have a signed amendment to the purchase contract and something from the buyers lender as proof and for the records.  The reps are pretty good if you have your ducks in a row.

Permalink Reply by Steve Early on January 30, 2011 at 1:34pm

All approvals I have ever seen are very specific concerning the buyer and seller (by name). If you change the buyer to Jim James to Jim James and Theresa Smith you need a new approval letter. Personally, I would not delay in informing the servicer of this required change. They are likely to want a new preapproval letter or other information before they will provide another approval.

Permalink Reply by Kimberley Kelly on January 30, 2011 at 1:41pm

I'm with Steve on this..I once misspelled the last name and bam..had to close and reload.  Lenders are VERY specific to both Buyers and Sellers.  You can try letting them know ahead of time..I wouldn't wait to the last minute.  Pretty well guarantee they'll turn it down then.

Permalink Reply by Sridhar Vemuru on February 16, 2011 at 8:29am

Hello All:

 

I appreciate your time in answering my question.  Luckily both lenders have approved the short sale with the second purchasers name.  Chase reissued the short sale approval letter with both names after I submitted the addendum adding the second purchaser and the financial approval letter from the purchasers lender.  BOFA have no problems and had issues on the HUD-1 approval and that is a long story.  Closed on 14th and waiting for the payday.

 

Sridhar Vemuru