Need help with BofA Pre-HUD & HAFA Incentives(both seller & buyer have FHA)
Hi all:
I haven't done a BofA short sale in 2 years. All of the SS I have done were on the Seller Side; and this is my 1st representing the buyer.
Negotiator is saying that buyer is not entitled to an incentive. But on all the BofA SS's I have done in the past, the seller received $1500 incentive and buyer received $1500 plus the 3% closing costs when both seller and buyer had FHA. I was told this incentive was raised to $3k for buyer. I am looking for clarity on this.
As per Listing Agent, I was asked to change the Pre-HUD as per below; which I did to show@ 2 re-location incentives for the Seller as per BofA. However, we also asked for the incentive for our buyer. Is their or is their not a Buyer Incentive?
| line 514. HAFA RELOCATION TO SELLER | 3,000.00 | |||||||||||||||||
| line 515. HAFA "NATIONWIDE" RELOCATION TO SELLER | 4,009.26 | |||||||||||||||||
| line 516. HAFA INCENTIVE TO BUYER | 3,000.00
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Please help! Thanks so much to all
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Very confusing post. If the seller has a FHA loan then they do not qualify for HAFA. It must be a FHA PFS. If that's the case then the seller get's $1,000 and the buyer can get up to 1% in closing costs assistance.
There is no incentive to the buyer on any short sale program that i am aware of. And my guess is that I'm aware of all of them.
If this is not FHA and the seller qualifies for HAFA then they will get $3,000 in relocation money. And the buyer may get up to 3% in closing costs assistance.
If this is a BofA co-op short sale then the seller could get as much as $30,000 incentive. The buyer will still only get up to 3% in closing costs assistance.
Not sure where you are hearing that HAFA will give the buyer $3,000. Here are the HAFA guidelines.
http://shortsalesuperstars.com/group/hafahomeaffordableforeclosurea...
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