Help w/ BOA & FHA deal
I'll make this as short as possible -
the owners had an approval to participate in HUD short sale program issued to them in Nov 09. Found a buyer willing to to satisfy the net requirements for HUD in Dec and submitted his offer(A-C deal). BOA screwed around and suddenly told us the file had been closed but they weren't sure why.
I pushed and pushed and had them re-open the file (once they realized the owners had been accepted into HUD's program) dragging their feet the whole way. Nothing was happening so I contacted HUD and they said something to make BOA move quick - got a call the next day saying it had been re-assigned and they wanted to get it closed ASAP.
Well now they issue a new HUD approval to participate letter with a NEW, HIGHER required NET. Can they do this or do they have to abide by the original terms? what can I do? the buyer will not pay anymore than he has already offered. Or do we have to just find a new buyer?
Thanks for any and all replies