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Permalink Reply by Becky Martin on August 15, 2011 at 6:25am

do you have a contract asking for closing cost?

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Permalink Reply by rocco racioppo on August 15, 2011 at 7:26am

Yes. We had the buyer add closing cost to the offer amount to ensure we met the lenders approved price.

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Permalink Reply by Enrique Vasquez-Plaza on August 16, 2011 at 8:13am

I would not advise to just proceed as your common sense tell you, although it makes sense.

 

SCENARIO 1: If the approval is not granting closing costs due to the fact that this particular investor does not Allow cc to buyers at all, you are in trouble.  It does not matter if you reach the net required, the lender will not approve the hud, and you will end up with a mad buyer with no CC and a lender getting more.

 

SCENARIO 2: Lender may be in the situation that the net was compromised by the CC to the buyer, and this is why they took it off.  But the question is, do you know that this is the case?

 

 

**Even if the contract says it , it is irrelevant.  You can ask 20000 for closing costs ont he contract, this has no bearing on anything..

 

**My best and humble advise would be to ask the negotiator and ask them if they will allow the cc after the min net is reached and if the particular investor will allow the cc itself. After this, you can make a smart move.

 

I wish you the best and good luck!

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Permalink Reply by Scott Gregory on August 17, 2011 at 11:23am

Do they have a VA or FHA preapproval letter? That would probably up the chances that a concession would be paid.

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