i put an offer on a short sale HUD they are saying they can only pay 1% of closing costs is that true?
Written By: admin on November 24, 2009
One Comment
I place an offer on a small sale home and questioned sellers bank to pay closing costs 4 months go by and they approved but want us to pay 2% as they can only pay 1% since its a HUD. Has anyone ever heard of this? I read somewhere that they can pay up tp 5%. please somebody help
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The bank is going to try to get as much money out of the sale as possible. By definition a small sale is selling for less than the seller owes on it, and the bank is forgiving the rest.
It is hard enough to get the bank to agree to forgive part of the loan, let alone pay out closing costs.
Your buyer’s agent and the seller’s agent should be helping the seller negotiate with the lender.
When you say it’s a HUD, do you mean it is HUD owned? Need a small more information.
Please question your agent to help you know this.