Hi All, I have a question!!

     ....... seems one of my realtors is working on a short sale on a fha loan.... the buyer had asked for 4% closing costs....B of A said no seller contributions on fha shortsales....Personnally, Ive been lucky enough that I have only completed conventional ss's in the last few years...

      .also, they want addendums stating that there will be no concession of any kind..... is there any other way to state this that might allow the concession?? Is this true of all fha ss's??? Just askin.......?  Thanks!!! Rose.

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Comment by Andy Stetz on October 5, 2012 at 8:05pm

In the FHA Pre-foreclosure guidelines that I downloaded it spells out what FHA will accept. Seller can pay up to 1% of the buyers closing costs, no warranties, no repairs but I have heard of other agents getting them to approve more so that may be thru the servicer. I would download a copy of the guidelines and follow them.

Comment by Julio Maldonado on October 4, 2012 at 2:05am

If the buyer is financing the loan they may allow concessions I have been able to get as much as 3% seller concessions approved, this will not happen if it is a cash buyer in my experience

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