All Forum Posts by: Danielle Duffy

This is a good one.
Two days out before closing.
Inspection period of 15 days or 5 days before closing is over.
Bank Application stated inspection of septic inspection & water test. Signed by Buyer.
Bank does not order septic inspection. (FHA/FL does not require)
Seller has tank pumped (hasn't been done in 5 years). Is informed by Septic Company that the fields are bad, water not pumping back into the tank, etc.
D-box not inspected.
Seller alters Seller Agent, Sellers Agent calls Buyers Agent.
$1200 credit agreed to.
Bank says, 'no room for credits, on the HUD-1, because Seller is already paying 'closing cost'.
Bank also says, because it's an FHA loan, if there is a problem with the septic FHA may not close the loan.

Thoughts?

thoughts?

Quick question: I have the funds to cover the 3.5% FHA required down payment.
I would like to put in an offer on a home asking is 172,600.
Offer 180,000.
Seller pays up to 7,400 Closing cost (bank fees, etc + prepaid)

Understand that home will need to appraiser for 180k.
Will the bank and/or title company understand the contract as such?
Meaning, do I need to inform the bank of the transaction/settlement or kickback toward closing of 7,400?
Also what happens to any overage of the 7,400? Seller keeps it?
Is this something that is done??

Thank you for any advice in advance.