Has anybody else out there heard this. I received an email from the Wells Short Sale department claiming they only offer up to $2,000 for closing cost credits. Is this normal? Here in California the standard offer is normally an FHA loan at listing price with a 3% credit for closing costs. Has anybody got more then 2K?
I would love to share my recent experience in this matter. I represent the buyers in a purchase of a Wells Fargo short sale. We asked for 3% of the purchase price ($12,600) and were approved. I have an approval letter in writing stating that they will contribute that amount towards buyers closing costs. When escrow submitted the final HUD for approval before funding Wells Fargo decided that they would not allow the closing costs that they had promised to pay for the lender's title policy, points or loan origination fee for the buyers. It has been a huge nightmare at the 11th hour and we have been delayed in funding for over a week. I do not understand how they can back out on something we have in writing! If all goes well, we are funding today but only after some major headaches to all parties involved and some very large concessions by my buyers. I would love to hear your thoughts on this.
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