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seller paid concessions: Are You Commiting Fraud With Seller-Paid Concessions Pt 2 - 03/06/08 12:22 PM
If you are adding seller paid concessions on top of the purchase price in an amendment do not be surprised if the loan doesn't close!! This "common" practice has been a borderline fraud issue for a while. CWBC, has now made it official that they will no longer fund loans where the Purchase Agreement has been modified  (increased) to cover seller concessions.
In an email from my Account Executive today:
"Purchase Price/Property Value
I want to make sure that you are aware of our policy regarding adjusting the purchase price of a property upward to cover the seller paid closing … (47 comments)

seller paid concessions: Are You Committing Fraud with Seller Paid Concessions? - 05/27/07 11:57 PM
You might be closer then you think...or want to believe. The way that you structure Seller Paid Concessions might be considered an attempt to defraud the lender and artificially inflate the value of the property. I'm sure that most of you (us) have had the opportunity to seal the deal by getting a seller to agree to cover the allowable seller paid concessions in order to close on a home. This happens every day. It is legal, or it wouldn't be allowed. It is done by Realtors and Mortgage Brokers. It is in the guidelines of most lenders, including FannieMae and … (76 comments)

 
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Larry Morris, Oregon Mortgages

Sherwood, OR

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HomeStreet Bank

Address: 16200 SW Pacific Highway, Suite Z-3, Tigard, OR, 97224

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Relevant news and information about issues relating to Oregon and Southern Washington mortgages and real estate. These views do not represent the views of HomeStreet Bank. View Larry Morris's profile on LinkedIn

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