Guys, has anyone done a bill-of-sale on a short sale where they purchased some furniture from the seller? I got the bank to allow some closing costs coverage for the buyer, and we’d like to spend some of it buying a few things from the seller.
How and where do we put it on the HUD-1? Has anyone done this before?
NJbird_dog - be carefull… not knowing all the details, when I read your post it raised some red flags in my mind - I would be very careful in doing this. The bank may feel that the buyer is trying to circunvent the fact that the seller should not get anything from the proceeds. Good luck!
You’re right, and I plan to get the bank’s approval before submitting the final prelim HUD-1. However, I’ve read before that this can be done.
I asked the bank rep about this and she wasn’t sure, so she asked someone else in her office and their reply was basically, they just want the NET amount in the approval letter. They weren’t too concerned about how the remainder was split, but of course, we can’t directly give money back to the seller.
I’ll speak to the bank’s closing agent on Monday and get their view on this, and I’ll post the response.
Have title take care of it.
The furniture is a private transaction outside of the real estate.
Do a bill of sale, pay them cash, and don’t say anything.
The bank doesn’t own the furniture, they have no say in what they do with it or get for it.