Jeffrey J. Belonger
Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
e-mail : email@example.com
blogs with great mortgage information : http://www.activerain.com/blogs/jeffmortgageman
web site : http://www.fhaloansfhamortgages.com
It has to be worded correctly in the contract. Seller concession is what you seem to be talking about.
As long as the short sale lender approves and allows the amount to be conceded then you will be fine.
Technically the seller is receiving no money so if a seller concession is allowed it just lowers the net amount the bank is willing to receive to close the deal. So in this case its not the sellers choice it's whether the bank will allow it in their payoff demand.
Seller concession approvals vary from lender to lender.
Any other questions feel free to call me.
Paul at http://www.pinnaclemortgageonline.com
I don't see any reason you cannot as long as the selling price has been agreed upon by the bank; however, I am not a mortgage pro and would recommend that you consult with same for the most accurate information. (I am currently working on an FHA deal (not a short sale) wherein the buyer has managed to acquire $10k for closing costs!).
Try consulting with:
John Grigos, Superior Mortgage (in business for over 25 years) @ 732.859.8585; or
Leah Plattis, Wells Fargo, 917-657-1965
Love and Peace,
Francesca Patrizio, Realtor, ePro
I am a Realtor that knows the mortgage business and I am working on a short sale right now where the closing costs are being ( to use your words) added to the mortgage.
So , yes. it can be done. Would you like to sontact the lender that I am talking about? It is a large bank in Nj and they are fast and direct.
Email me for details and the loan officers name.
Yes you can add closing cost to your purchase price but, everything is going to have to be approved by the bank that holds the note on the property. I just had a listing that was a short sale. We added closing costs in for the buyer the only stipulation was that they did not pay our commission on the closing costs portion of the purchase price.
Hope this helps