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!
#325034 - 02/01/1007:33 PMRe: Buyer needs closing costs paid by seller on SHORT SALE--will bank pay it?
[Re: SLChomes4sale]
Jennifer Allan
Major Contributor
Registered: 11/12/06
Posts: 1623
Loc: The Beach
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 Author of Sell with Soul, Creating an Extraordinary Career in Real Estate without Losing Your Friends, Your Principles or Your Self-Respect
#325067 - 02/01/1009:44 PMRe: Buyer needs closing costs paid by seller on SHORT SALE--will bank pay it?
[Re: Jennifer Allan]
SoCalScholacker
Member
Registered: 10/27/08
Posts: 31
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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