OFFER AND SHORT ON BUYDOWN FUNDS

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  • #48472
    2BEFREE
    Member

    HI ALL

    I NEED SOME ADVISE. WHAT IS THE BEST WAY TO PROCEED, IF YOU MADE AN OFFER, BUT YOU ARE SHORT ON THE BUY DOWN FUNDS BEFORE MC WILL PROCESS YOUR FILE. HOWEVER YOU WILL HAVE ALL BUYDOWN FUNDS IN A FEW WEEKS TO MAKE THE DEAL WORK. CAN MC STILL PROCESS FILE?

    IF NOT, HOW CAN YOU BUY TIME WITH THE REALTOR AND SELLER IN THIS INSTANCE.

    ANY INPUT WOULD GREATLY HELP
    THANK YOU

    #48475

    I can’t say what NACA needs, but in terms of your offer, it should have been made with a closing date after the date when you would have the funds you needed.

    #48484
    southflorida
    Member

    you need to have the funds whenever your file is submitted to the bank, that’s after being Credit Access approved by NACA. when is your tentative closing date and when do you think you will have the funds?

    #48602

    @BakerTheBaker

    Option 1 – Request that seller concessions (buyer closing costs) hopefully, this will cover the amount that you need in your buy down amount.

    Option 2 – Wait until you have the funds necessary for your buy down. (Can you get the funds as a gift from a family member or a 401K perphaps)

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