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#325032 - 02/01/10 07:30 PM Buyer needs closing costs paid by seller on SHORT SALE--will bank pay it?
SLChomes4sale Offline
Member

Registered: 05/28/06
Posts: 74
Loc: UT
Have an offer on my short sale listing. Buyer needs closing costs paid by seller. My seller has NO money to pay closing costs. Will the bank work closing costs into the deal they accept? TIA!

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#325034 - 02/01/10 07:33 PM Re: Buyer needs closing costs paid by seller on SHORT SALE--will bank pay it? [Re: SLChomes4sale]
Jennifer Allan Offline

Major Contributor

Registered: 11/12/06
Posts: 1516
Loc: Denver
They will certainly consider it and there's no reason not to ask. It all comes down to the bottom line for the bank. So, go ahead and submit the offer with closing costs to the bank and make sure to include the closing costs in the HUD1.
_________________________
Jennifer Allan, GRI
RE/MAX Hall of Fame, Denver, Colorado
Author of Sell with Soul, Creating an Extraordinary Career in Real Estate without Losing Your Friends, Your Principles or Your Self-Respect
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#325067 - 02/01/10 09:44 PM Re: Buyer needs closing costs paid by seller on SHORT SALE--will bank pay it? [Re: Jennifer Allan]
SoCalScholacker Offline
Member

Registered: 10/27/08
Posts: 27
Loc: SoCal
In my experience, the bank is looking roughly for a net of 90% of the BPO. If they can get their net, then where the additional 10% goes may not be important. If it were me, I would submit it, but keep searching for a "cleaner" offer in case they come back and turn them down.

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#325181 - 02/02/10 05:11 PM Re: Buyer needs closing costs paid by seller on SHORT SALE--will bank pay it? [Re: SoCalScholacker]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 7224
Loc: georgia
Some of my deals the bank says YES other times the bank has said NO.

In some cases each agent kicked in a little coin along with the buyers parents coming up with the rest to bring to closing.

Short sales are a case by case basis but the government is fixing to come out with a streamlined process.

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#325303 - 02/03/10 10:33 AM Re: Buyer needs closing costs paid by seller on SHORT SALE--will bank pay it? [Re: super realtor]
Oli Offline
Member

Registered: 11/01/07
Posts: 244
Loc: North Carolina
super, you just said the government is going to fix the short sale problem. Now that was funny!
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There are no shortcuts to any place worth going. (Beverley Sills)

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