Amount of seller's assistance for investment property (approve, fee, bank)

[Vin100]

I am looking to purchase an investment property and the contract states some amount as seller's assistance towards closing costs. Due to negotiations, the final amount of assistance comes out to 2.67% of the contract price. My bank says that mortgage on an investment property cannot have more than 2% seller's assistance and wants me to renegotiate the contract. Since this is a short sale, the seller bank has decided on the final contract price and the final amount they want at the end of the transaction and my agent does not want to go back to seller bank since there may be a risk of losing the contract..
I am also supposed to pay 1% Short sale negotiator fee to the negotiator. Can we change the addendum to say the final contract amount as same as before, but instead of x amount of seller assistance, y amount will go towards short sale negotiator and the rest (x-y)goes towards seller''s assistance? I dont want to change the final contract price as that will change the whole HUD statement including the agent;s commission and the transfer taxes.

Any suggestions? Are there lenders who approve mortgage on an investment property with more than 2% of the closing costs?
Shall appreciate any suggestions.

[LoanChic]

The max a seller can contribute to a buyer's closing cost on investment property is 2%. Your negotiator fee is part of your closing costs. You wouldn't be able to divvy it up the way you're suggesting. You have two options: 1.) reduce purchase price by the .6% over allowed seller contributions; or 2.) leave the sales price as is but reduce the amount seller is paying in closing cost assistance to 2%. You'll need an addendum to cover either option. I don't see why the bank would balk at signing the addendum if you already have a ratified purchase agreement. Their bottom line will either stay the same (option 1) or be even better (option 2).

[Vin100]

I agree with you..
This is BOA.. has been difficult to deal with.
They came up with one contract price and during negotiation we went down on the contract price and removed the seller assistance but they didn't understand that. They kept on sticking to their purchase price number. So we had to go back up on the purchase price and bring in back the seller assistance. However our seller assistance was a fixed amount and after negotiations it turned out to be 2.67% of the final negotiated contract price.

[LoanChic]

I know it can be so frustrating dealing with banks on short sales. They take forever and it seems like no one knows what's going on. Hopefully your agent can get through to someone there though. You made it through some negotiations already so hopefully you can get through on this one.