I am close to closing a deal but have been informed that Freddie Mac as the investor will not allow me, as the seller, to come to close with any fees. Therefore, fees associated with closing including broker, title, etc will have to be made by me "outside of closing" and listed on the HUD1 as "POC" only. This was reported to me by Nationstar (sole lender) via my attorney. Nationstar needs to make a certain "net" and my buyers offer was only $1K in excess of that. My realtor was suspect of this and frankly, so am I.
Is this common? Any insight? Recommendations of where to go from here?
Thank you for your time.
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This is, in effect, counter offer. Your agent should "reverse engineer the numbers" from the Net amount up to a number that covers everything. This number is the lowest acceptable offer and should be your counter to the buyer.
Hi there. I've closed on many short sales and have never run across a lender that wouldn't pay commissions up to 6%, title search and policy and taxes.
If the buyers offer is only $1,000 higher than the required NET then the offer is to low and needs to be increased to cover the expenses of the sale.
I am not privy to your contract terms or how the short sale negotiations played out but my experience tells me something ain't right. The numbers are too far off based on what you wrote.