I know the answer is no…but if you were going to give the homeowner a small amount of cash to help with moving,storage, and living expenses….making the win,win,win scenario you could just offer the homeowner cash outside of closing, but how do you account for that dollar amount on the HUD 1 statement?? I guess you could inflate the buy price, realitor fees, closing cost, or repairs, but is there another way to make the win,win,win scenario?? Most lenders have guidelines that only allow certain percentages for realitor commisions…..closing cost from the title company I can’t inflate…they are what they are………. additionally there are no major repairs needed to the home. What am I missing here???
Tags: closing cost, HUD, HUD Homes for Sale, lenders, living expenses, moving storage, percentages, title companyPosts Tagged ‘title company’
Can you give a homeowner cash back when doing a short sale??
Thursday, October 22nd, 2009HUD earnest money question?
Saturday, October 17th, 2009Hi, we recently received our sales contract back, and are ready to go. We had to place ,000 in earnest money in the escrow of our real estate agent. During the walk through, she told us that she cuts a check back to us at closing, so we were plotting on using this money for some repairs and furniture. This is a HUD home, and HUD is paying for 00 in closing costs. Well, I got an email from her today, and she said that the title company will credit us back the earnest money at closing. What does that mean "credit back". Will it go towards the mortgage, or will they give us a check? I heard that it would normally go towards closing costs. Uuuugh, this HUD stuff is getting harder and harder every day to deal with….
Tags: blog archive, boosts, closing cost, closing costs, earnest money, email, escrow, expert advisors, first time home, first time home buyers, forum topic, furniture, good faith estimate, google, google labs, HUD, HUD Homes for Sale, insurance check, misconception, mortgage, new single family, real estate agent, sales contract, time home buyers, title companyexspenses for closing not submited by realtor on a hud sale?
Friday, September 25th, 2009well was a bit upset at the previous answers, we bought a hud house and it can only be done by the Realtor hud allowed 1965. for closing upon inquiring i was told that adding the appraisal and home owners insurance was an allowable closing cost, but hud management as well as the title company said it was up to the realtor to submit, after numerous contacts to the realtor ( this was a cash deal) he Finlay responded that it will be done at closing the last moment in the morning of closing we found out hat those cost where not submitted and we needed to postpone, which as i indicated just was not an option, and the responses from yahoo, answer i got was that it was all my responsibility, which since i had not options other then using a realtor and hud and the title company said it was up to him. that is why i questioned if there are any re courses
Tags: acorn capital, act grants, capital flow, closing cost, german marshall fund, hispanics, home owners insurance, homeowners insurance, house democrats, HUD Homes for Sale, hud management, insurance, insurance homeowners, insurance policies, insurance tax, insurance tips, last moment, money management, mortgage calculators, realtor, recovery act, title company, vacant home insurance, yahooWhat are the Closing Costs in NJ?
Wednesday, September 9th, 2009Here is a list of "fees" on the Excellent Faith Estimate from Wachovia
Interest Rate is 5.500% (6.191% APR)
0801 Loan Origination Fee: 46.53
0803 Appraisal Fee 0.00
0804 Credit Report Fee
0812 Flood Certification
0818 Application Fee
0901 Interm Interest .54
0902 FHA PMI 31.43
1003 City Property Tax 8 (3 payments)
1101 Settlement Fee 0
1103 Title Examination 0
1108 Title Insurance 5
1201 Recording Fee 0 (includes deed/mortgage)
1301 Survey 5
1311 Free Form From MPOS 0
Total Settlement Charges 12.50
The title company sent me a letter with the following (ill type in CAPS to distinguish the difference)
INSURANCE PREMIUM: REISSUE
OWNER’S POLICY: 8
LOAN POLICY:
CHARGES:
EXAMINATION OF TITLE: .00
MUNICIPAL LEIN SEARCH .00
PATRIOT NAME SEARCH VS BUYER:
UPPER COURT VS BORROWER:
TRANSACTION MGMT PLATFORM:
CORPORATE STATUS VS SELLER
TOTAL: 3
SETTLEMENT FEE (NOT INCLUDED IN TOTAL)
INSURED CLOSING LETTER: .00
FLOOD CERTIFICATION: .00
TIDELANDS SEARCH: .00
DRAFTING OF METES: .00
ENDORSEMENTS (25 PER ENDORSEMENT)
ENVIRONMENTAL ENDORSEMENT
LENDER’S SURVEY
ALTA 9-06 RESTRICTIONS
ALTA 4.1-06 CONDO ENDORSEMENT
ALTA 6-06 VARIABLE RATE
ALTA 22 LOCATION
ALTA 5.1-06 PUD
SURVEY
—————————
Is the GFA estimate accurate? Some items are listed in the GFA and then relisted in the estimate from the title company (do I need to pay twice?)
If it’s not listed, do i need to pay those fees? If there are items not listed, please let me know so I can question my lender (Wachovia) if I am responsible for them.
Thanks
Thanks you for your help
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