Replies to This Discussion

Permalink Reply by David A. Roebuck on January 29, 2014 at 8:42am

Pat,  the fact that the bank has paid the taxes off the HUD shouldn't matter to your buyer client -- the bank still paid the taxes.  And since the bottom line to the bank is now higher there should be a quicker and easier approval process.  This just happened to me.  The bank was to receive $2000 more because the taxes were paid -- sometimes the left hand doesn't know that the right hand paid the taxes so the left hand is more agreeable to the Short Sale!!!

 

Permalink Reply by Kathleen Sheridan on January 29, 2014 at 8:59am

The taxes came off the HUD, because the lender paid them. The lender is due the amount that they paid in tax, not the buyer.

Permalink Reply by Pat M on January 29, 2014 at 9:03am

I understand that the bank paid so they are entitled to them etc etc..   I didnt mean for that to be the main topic.

My client is an investor and he has the opportunity to put about $2,200 more in his pocket so Im trying to find out the fastest way for him to do that and get it closed.     

So I was just wondering if anyone knows if its quicker to lower the offer amount or request a variance?

Permalink Reply by joe beauchamp on January 29, 2014 at 1:21pm

Lower the offer. Rules are clear for FHA and if net is met, you are on your way. Variances usually start at taking weeks and unless you have a real good reason for them to give you extra money, you aren't going to get it.