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Who is the "They"for the prepared HUD for closing costs from the bank? - the Buyer or the Seller?
Usually, the seller's listing agent will have a preliminary HUD prepared for the bank through a title company. This HUD will have all the proposed credits and debits itemized for the the bank to review. It's the seller through their agent that negotiates with the bank, not the buyer.
Usually, the seller's listing agent will have a preliminary HUD prepared for the bank through a title company. This HUD will have all the proposed credits and debits itemized for the the bank to review. It's the seller through their agent that negotiates with the bank, not the buyer.
Yes, it was the listing agent who had the closing agent prepare a HUD based on the offer that we made (I represented the buyers).
Man, lots of misconceptions here. Tim and RJCM have done a fantastic job answering already but:
OP-yes you can get your closing cost paid on a ss. Don't ask for more than 3%.
CAugust-most reasonable short sales with a knowledgeable listing agent close. The closing cost are absorbed by the bank.
Chaquinn-You probably need to be ready to close ASAP upon approval. The ss approval letters are dated and if you don't close by the approval date then bank may cancel the sale and you'd have to start over.
Jamal-see above.
Off Topic-Not all short sales are financially struggling and on the verge of losing the home. Examples of acceptable hardships are divorce and relocations. Regardless, for some reason they won't be able to afford the home in the future.
Off Topic-Not all short sales are financially struggling and on the verge of losing the home. Examples of acceptable hardships are divorce and relocations.
I think that is a fair statement. I should have said generally they are struggling financially and on the verge of losing the home.
Now, having handled several dozen short-sale closings, I can tell you that every single one was struggling and on the verge of losing the home. But you are correct that there are some exceptions and that they need to do some background investigation.
I think that is a fair statement. I should have said generally they are struggling financially and on the verge of losing the home.
Now, having handled several dozen short-sale closings, I can tell you that every single one was struggling and on the verge of losing the home. But you are correct that there are some exceptions and that they need to do some background investigation.
Thank you for clarifying your thoughts.... we are one of the exceptions.
Relo, house listed now at $200K less than we purchased it for because of FIFTEEN forclosures in immediate area in which we must use as comps.
Not ALOT of equity in the home because it is only 3 years old.....
Have paid for 2 homes for 2 years now, running out of money !
What about Realtor fees/commissions? If I am underwater and have to sell and have no cash, who pays the commisson? I have a friend who is a realtor who will do it for free, but a buyer's agent will expect to get paid. Is it normal to have the buyer pay the commisson for their own agent?
What about Realtor fees/commissions? If I am underwater and have to sell and have no cash, who pays the commisson? I have a friend who is a realtor who will do it for free, but a buyer's agent will expect to get paid. Is it normal to have the buyer pay the commisson for their own agent?
Just like the closing costs, the bank pays the commisssion (listing agent and buyers agent if applicable). Think of the bank as the seller on a short sale. The commission, seller concessions, past due real estate taxes, past due water bills, past due HOA fess....all get subtracted from the sale price and the bank gets the difference. Not pretty for them.
do people really stop paying for everything on their homes and not just their mortgage??
We have been paying for 2 homes,2 sets of utility bills,2 home insurance bills & 2 sets of HOA fees for 2 years now! not pretty for us.
I think that is a fair statement. I should have said generally they are struggling financially and on the verge of losing the home.
Now, having handled several dozen short-sale closings, I can tell you that every single one was struggling and on the verge of losing the home. But you are correct that there are some exceptions and that they need to do some background investigation.
I missed the "generally" so I concur with your post. Unfortunately you're also right that most wait until it's too late to try to reach out for help. Most people don't realize that the first person they should talk to is a knowledgeable agent to get help avoiding foreclosure. Those that do need to pick carefully as there are very few true "foreclosure avoidance" experts out there.
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