Any one else had this issue come up? The property appraised for purchase price
Final loan approval was denied due to lender does not allow the Buyer Premium.
Another lender I spoke with tells me these fees are not allowed to be financed.
The Altisource contract lays out the fees and commissions on the contract
We must show the Buyer Premium somehwere on the HUD
If we show the seller paying the Buyer Premium from the proceeds of the sale it puts the commission over the 8% allowed by the lender.
Anyone else run into this? How did you get it to closing?
Replies
I had the same situation and buyer had to come up with the money.
we ask the closing agent to prepare an addendum which indicated the following:
The Sales price should not be inclusive of the Buyer's Premium of $..... .and Technology Fee
of $.....
Buyer and Seller acknowledge and mutually agree to amend the purchase price of the subject
property to $..... and the Buyer's Premium of $......, and Technology Fee of $......
will be paid by the buyer separately on HUD at closing.