Need help oon HUD 1 Statement--UPDATED

[StartingOver10]

Congrats on your new house!

[Anonymous]

New information on the HUD....my realtor sent an email to me last night at my work email after hours so I didn't see it until this morning.

THe title company sent out the HUD statement to the realtors, and the title company said,

Note : the buyer did not use the entire $4800 for seller concession so

please draw up an addendum stating that the contribution is now $3198.39

So they are doing an addendum but not for the price, but for the lower closing costs. 

I know I may be blowing this out of proportion, but I am not happy about this....  It may be enough for me to hold off on the closing and say this need to be fixed.

What do you all think?  IS a $1600 difference in the contract price enough to put this off? 

StartingOVer you said there may be a redraw fee...who would have to pay?  Who's responsibility was it to alert me that this might happen or to discuss how this would work in the end?

[Anonymous]

Not sure I'd put off closing for $1600...the seller's realtor wrote their counter up for $1000 more than we agreed & I let it go.  I said after all we've been thru I didn't want to hold up the process any longer.

Make sure the appraisal money you paid out of pocket isn't getting included as a credit to seller's portion of closing costs?  I haven't  got my HUD1 yet...but just a thought?!

[Anonymous]

I don't think the appraisal money is being counted in the seller's credit. I did double check though.

I finally got a hold of my realtor and she said this does happen sometimes but it is not usally this much of a difference.  She thinks the contract price should be adjusted as well and is trying to get a hold of the lender.  I did brainstorm an idea.  I let the $1600 slide and we get possession sooner.  That may be a way for me to get something out of this without having to redo paperwork.

[Anonymous]

 Good plan!!  Otherwise you said you have to wait 2 wks right?

[Anonymous]

Crisis has been averted!  I am glad I said something about it.  LO said the closer should have caught this problem before it got to me.  Now the seller is paying for the FHA upfront mortgage premium.  And it shouldn't mess up my closing date.

AYAYYAYAYAYAYYYYYYYYYYAYAYAYAYYAYAYAYYY

And yup, I still have a 2 week wait to have possession.

[StartingOver10]

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@Anonymous wrote:

Crisis has been averted!  I am glad I said something about it.  LO said the closer should have caught this problem before it got to me.  Now the seller is paying for the FHA upfront mortgage premium.  And it shouldn't mess up my closing date.

AYAYYAYAYAYAYYYYYYYYYYAYAYAYAYYAYAYAYYY

And yup, I still have a 2 week wait to have possession.

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Wow! That's terrific! I'm so glad you knew not to sign the addendum reducing the amount of seller's contribution. That would have been the wrong thing!

2 weeks is not bad - at least you can close.

BTW, the buyer pays the redraw fee unless the holdup was from another party. I'm glad they didn't charge you one and fixed it by have the upfront MIP paid.

You did a great job of following through. Good luck!