I had a phone call from a B of A negotiator, they are ready to approve the short sale, and in reviewing the buyer's pre-approval letter, buyer's lender did not specify if buyer is conventional, VA, FHA. Negotiator said that only government loans are allowed by investor to have a 3% buyer concession, and since it was not specified by the lender who issued the pre-approval letter, they assume it is conventional, therefore denying the buyer 3% concession.
Has anybody ever had this experience?
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