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Let's say the offer is right at the appraisal. Would the mortgage company do it to make the sale? Does this ever happen? Let's say closing costs are about $4k.
YES!!! CitiMortage picked up 100% of the closing costs for the buyer of my shortsale. Our home had a first and second trust. Since the second trust (Greentree/BOA) was losing the most money out of the deal, the first trust ate the cost.
Our attorney just called the negotiator and they agreed.
YES!!! CitiMortage picked up 100% of the closing costs for the buyer of my shortsale. Our home had a first and second trust. Since the second trust (Greentree/BOA) was losing the most money out of the deal, the first trust ate the cost.
Our attorney just called the negotiator and they agreed.
Nice Kevin, especially like me you probably have a bundle saved by not paying the mortgage. FYI I offered to pay half and the buyer agreed to pay half. I'm waiting for acceptance from GMAC any day now hopefully. GL.
I'm not a short sale expert--they are about 20% of my buyer client business--but I've closed a half a dozen or so. Every one has had all or most of buyer closing costs paid. Each has been with different lenders, most have had a first and a second. I know that this isn't always how it goes and sometimes lenders refuse to allow for costs, so a buyer shouldn't count on this. Still, it definitely doesn't hurt to ask. And, definitely there are certain costs that a lender won't pay. But I have had lenders refuse to pay certain costs as "seller" costs but still gave a credit towards buyer costs so that those same items they refused to pay were covered once they were on the "buyer" side of the net sheet.
Nice Kevin, especially like me you probably have a bundle saved by not paying the mortgage. FYI I offered to pay half and the buyer agreed to pay half. I'm waiting for acceptance from GMAC any day now hopefully. GL.
The buyer did not hit us with this "demand" until less than a week before settlement. The banks ended up eating over $137K of our mortgage plus $42K in real estate commissions and $1800 in attorney fees in addition to the $7K in closing costs.
The buyer did not hit us with this "demand" until less than a week before settlement. The banks ended up eating over $137K of our mortgage plus $42K in real estate commissions and $1800 in attorney fees in addition to the $7K in closing costs.
Mine were all paid for by the bank who handled the mortgage for the seller. I only had to pay for title search. In fact, I got money back at closing since they couldn't escrow for taxes, as we paid cash for the house.
I also got a $3K check at closing courtesy of the govt because I qualified for one of their programs.
I think I'm only getting $750 if that.
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