Replies to This Discussion

Permalink Reply by Stephanie Lim on August 13, 2009 at 4:25am

Petra--do you mean that the purchase price and allowed closing costs on their letter do not agree with the net listed on the letter? Or do you mean that the net on the letter doesn't agree with the contract price and contract closing costs?

Permalink Reply by Petra Norris on August 13, 2009 at 4:57am

The net on the letter doesn't agree with the contract price minus closing cost minus commission.

Stephanie Lim said:

Petra--do you mean that the purchase price and allowed closing costs on their letter do not agree with the net listed on the letter? Or do you mean that the net on the letter doesn't agree with the contract price and contract closing costs?

Permalink Reply by Wendy Rulnick on August 13, 2009 at 9:50am

There is something on the HUD they don't want to pay- and they MISSED Telling you in advance.... I would call and tell them it doesn't match the prelim HUD, and what is it they won't pay.

Permalink Reply by Stephanie Lim on August 13, 2009 at 12:33pm

What Wendy said. :-) I've also seen them give an approved net proceeds amount that doesn't correlate to specific items on the offer and preliminary HUD, but is a required % of either the appraised or BPO value. One great example of this is when the sellers have an FHA loan.

Permalink Reply by Petra Norris on August 13, 2009 at 1:09pm

While this is not a FHA, I can see that your answer would make sense with the numbers.

Stephanie Lim said:

What Wendy said. :-) I've also seen them give an approved net proceeds amount that doesn't correlate to specific items on the offer and preliminary HUD, but is a required % of either the appraised or BPO value. One great example of this is when the sellers have an FHA loan.

Permalink Reply by Sally English on September 17, 2009 at 9:15am

Just closed a SS with WF and I had the same problem. The WF approval HUD math did not add up correctly. When I questioned the negotiator she said it was correct. The WF net was higher than the negotiator's math work on the approved HUD. Closed anyway and the attorney kept asking for the home warranty which WF said they would pay in an email and then said they would not. Looks like they need calculators!