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Posted by Dolores Reynolds on July 3, 2011 at 7:57am

Have a short sale w/ GMAC.

Buyers are offering 140,000 w/$6,000 back towards closing cost, prepaids & points.

Will a bank ever accept an offer with way over 3% of the sell price going back to buyers for closing cost.

Thanks,

Dee

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Comments

  • MESARE DONDA July 5, 2011 at 3:19pm

    Hmmm... hope they raise it...

  • Dolores Reynolds July 5, 2011 at 5:31am

    It is a HAFA!

    Back to the drawing board

    Thank You

    Dee

  • MESARE DONDA July 5, 2011 at 4:46am
    I had one with US Bank sometime back, where they did allow the 6%, but it wasn't a HAFA... Is yours a HAFA?  I believe under HAFA they only allow 3%. (On the other hand, if your buyer is going FHA, they are OK with 6%; but other loan  programs cap the  contribution to 3%, even if GMAC would accept to give the $6k to the buyer... ) Best to  you...
  • Bryant Tutas July 3, 2011 at 8:39am
    I doubt it. 3% is usually the max.
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