Buyer getting cash back at closing
I need a quick answer here -
I am closing a short sale. Citi is the 1st and GMAC is the 2nd. The buyer is using a VA loan to buy the home and is getting about $2000 in buyer assistance (approved through the short sale approvals). With all of the costs, fees and new purchase loan - the buyer will end up walking away with $1400 at settlement. I called Citi to ensure that this wont be an issue. Citi advised me that having the buyer receive cash at closing will NOT be an issue. Anyone else have anything to add here???
Replies to This Discussion
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Permalink Reply by Holly B. Long on
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Lucky buyer. If you have done your part by advising Citi, then I would carry on. They will have to approve a final HUD and that is when you will know if what you are being told now is true. I had a file with another lender where buyer was to receive cash back and BOA would not allow for it --so reduced the seller concessions by the amount that buyer was getting back --so that buyer ended up with no cash. Had one other - where we had to have title company provide a letter to lender showing that the cash back buyer was getting was because they had deposited with title to much money for the down payment -so in actuality they were getting a refund.
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