Hello All:
Got Wells Fargo to approve the 1st and has conttributed 10% to the second lien holder.
I have a 2nd with a Federal Credit Union (golden 1). My sellers are willing to contribute cash to close the deal. I am negotiating the 10,000.00 to a lesser amount for them.
Once I negotiate that amount, I need to revise the HUD-1.
Do you know if Wells Fargo could pull my approvale since it wasn't on the original HUD-1?
So close!!!!
Thanks a million from Pismo Beach, CA.
Verenice White
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There should only be one HUD for the transaction - you can be creative, but being this creative could cost you.
Tim W said:
you can do a seperater hud to the first and and seperate hud to the second.
Any how you have to get a final approval for the HUD before settlement from Wells Fargo. You must show Cash contribution from sellers/browwers to the 2nd lender on the HUD and get approval of that HUD from Wells Fargo. The key is Seller/Browwer should not get a single penny but they can contribute cash to close the deal.
If 2nd allows a note to be carried would be the best bet and the seller can pay that note later and settle with them right after the close
There should only be one HUD for the transaction - you can be creative, but being this creative could cost you.
Tim W said:you can do a seperater hud to the first and and seperate hud to the second.
Yes they can. I would place the additional payment from the seller as a POC item on their side of the HUD instead of as cash to close. Doing it this way doesn't make any difference to the seller but it will still zero thes eller out at the bottom of the HUD. This will help avoid red flags with Wells Fargo
Any how you have to get a final approval for the HUD before settlement from Wells Fargo. You must show Cash contribution from sellers/browwers to the 2nd lender on the HUD and get approval of that HUD from Wells Fargo. The key is Seller/Browwer should not get a single penny but they can contribute cash to close the deal.
If 2nd allows a note to be carried would be the best bet and the seller can pay that note later and settle with them right after the close
Please do not use 2 HUDs. Do as I suggested in my first comment and you should have no issue. Don't ask the lender if it's OK because must don't fully understand POC iems. Just do it and the HUD will be approved.
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