I have a question regarding short sale ratification. If my contract was ratified weeks ago with the seller paying closing cost, can the seller's bank now change the details of the contract and refuse to pay closing cost?

Question: I have a question regarding short sale ratification. If my contract was ratified weeks ago with the seller paying closing cost, can the seller's bank now change the details of the contract and refuse to pay closing cost?
–Kathy G. from Overland Park, Kansas


Answer: Even though the seller accepted a contract weeks ago the seller's lender still needs to approve the contract. The lender can either accept, decline or counter the contract. Many times as you have found out, the  lender will counter with paying no closing cost. You may counter with a higher offer and adding the closing cost back into the contract.


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