Home Selling in Las Vegas>Question Details

Gno, Home Seller in Las Vegas, NV

There is the item called " remaining contribution towards remaining non-allowable" on my HUD-1 (seller) first page under adjustments for

Asked by Gno, Las Vegas, NV Tue Nov 24, 2009

items unpaid by seller. Is this legal? It looks like the buyer get $4500 for cash. Is it allowed by VA loan?

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Answers

6
Diane,

I believe this person is the seller, not the buyer.

They didn't answer any of the questions I asked, so advice would be difficult to give to them.

Good luck Gno.
0 votes Thank Flag Link Wed Nov 25, 2009
Hi Gno,

I would really have to see the statement to understand what is going on, and if I did, I would be interfering in another agents transaction, which I cannot ethically do.
So my suggestion is to call the broker if the agent is not responding to you. Agents work under brokerages. The broker is like the agents boss. The seller should have an agent. If your agent was originally the sellers agent and now your agent too, then there is dual agency, which means you needed to sign a "consent to act" form.
I would find out who is representing the seller. I would also contact the title company and see if the escrow officer can assist you with some of your questions. Good luck, and there are a lot of good buyers agents out there, hopefully, you will share what you have learned with other prospective homebuyers.

Thanks, Diane 702.401.0307
0 votes Thank Flag Link Wed Nov 25, 2009
Hello Len,

Thank you for your response.

What if there are two set of HUD forms and they use one for VA loan and one for official record?
0 votes Thank Flag Link Wed Nov 25, 2009
What do you mean, your agent is now on the buyer's side? This makes no sense. Is your agent representing both you and the buyer? Are you working with a seperate agent than the buyer?

VA will most likely not allow the buyer to walk away with any funds from escrow, especially your closing cost contribution money. It usually states in the contract that the money is only good towards closing costs and that's it. You need to find out what happened to your agent....
0 votes Thank Flag Link Tue Nov 24, 2009
Hi Diane,

Thank you for your quick response.

This is supposed to be the part of seller's contribution. But I thinks the items which the seller contributes should be itemized on HUD-1 page 2. " remaining contribution towards remaining non-allowable" was on page 1 and going to be paid to buyer. By the way, the buyer put $1000 deposit and no downpayment VA loan.

My agent is not seller's agent anymore, she is buyer's side. She said everything is ok for us to sign, but when we asked her response in writing she refused to answer.
0 votes Thank Flag Link Tue Nov 24, 2009
Hi Gno,

Have you asked your agent about this? Your agent should be reviewing your HUD to make sure it is correct. Since I do not represent you, and I cannot see the HUD, the best I can do is tell you ....there are allowables and non allowables in a closing. What I can tell you, is there is a 100% loan product for VA buyers. The 4500.00 could have been an earnest deposit that is being refunded, because the money is being rolled into the loan.

Good luck, and contact your professional and title company that are being paid to facilitate this transaction!

Thanks, Diane 702.401.0307
0 votes Thank Flag Link Tue Nov 24, 2009
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