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Old 10-17-2011, 08:19 AM
 
Location: NJ to Southern CA - next stop NV
140 posts, read 498,346 times
Reputation: 74

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I'm a first time seller in NJ & just put my house on the market. As I'm in a bad financial situation, I have some questions
  1. What happens if I don't have the cash to pay for my closing costs?
  2. Can closing costs be rolled up into the price and paid to bank as a loan?
  3. As a seller are the closing costs just as high as when I was buying? My closing cost for my townhome when I bought 2yrs ago were approx. 13K for a property worth $350K
Thanks!!

Last edited by brandy76; 10-17-2011 at 08:57 AM.. Reason: added location
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Old 10-17-2011, 09:39 AM
 
Location: Tempe, Arizona
4,511 posts, read 12,808,454 times
Reputation: 2199
1. Then you will likely have to try for a short sale (ask your lender to take less than the amount due).

2. If you could sell for high enough price to cover your closing costs, then you don't have a problem.

3. Closing costs vary from location to location and depending on the specific situation, loan amount due, taxes, fees, commissions, etc.

If you just put your house on the market, then your listing agent should be able to answer your questions (unless you are selling FSBO?).
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Old 10-17-2011, 09:47 AM
 
Location: NJ to Southern CA - next stop NV
140 posts, read 498,346 times
Reputation: 74
Quote:
Originally Posted by rjrcm View Post
1. Then you will likely have to try for a short sale (ask your lender to take less than the amount due).

2. If you could sell for high enough price to cover your closing costs, then you don't have a problem.

3. Closing costs vary from location to location and depending on the specific situation, loan amount due, taxes, fees, commissions, etc.

If you just put your house on the market, then your listing agent should be able to answer your questions (unless you are selling FSBO?).
Thanks, when i asked my agent about not being able to pay she said to borrow from a family member or ask my mortgage lender. I just wanted to make sure I wasn't missing a difference avenue to take.

Unfortunatley it looks like I won't even get what's owed as the same exact unit in my development is going for way below what I still owe
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Old 10-17-2011, 09:56 AM
 
Location: The Triad (NC)
31,941 posts, read 73,507,684 times
Reputation: 38886
Quote:
Originally Posted by brandy76 View Post
...it looks like I won't even get what's owed
This is the definition of "short sale"
Where the sale price is less than (short of) what is owed on the property.

Good luck.
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Old 10-17-2011, 09:57 AM
 
Location: Boise, ID
8,047 posts, read 26,581,238 times
Reputation: 9406
Then you need to have serious conversation with your agent and your accountant and your attorney about what a "short sale" is, and what it will mean for you.
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Old 10-17-2011, 11:04 AM
 
Location: Salem, OR
14,988 posts, read 36,880,817 times
Reputation: 15526
Quote:
Originally Posted by brandy76 View Post
Thanks, when i asked my agent about not being able to pay she said to borrow from a family member or ask my mortgage lender. I just wanted to make sure I wasn't missing a difference avenue to take.

Unfortunatley it looks like I won't even get what's owed as the same exact unit in my development is going for way below what I still owe
Yes you are. The different avenue is a short sale. Your real estate agent should have given you a "net sheet" with their listing presentation. This is an approximation of what you will net once your house sells. If they didn't give you a net sheet, ask them to run one for you. If it is negative (meaning you'd have to bring cash to close) and you don't have the cash, talk with your agent about a short sale/short pay.
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Old 10-17-2011, 01:56 PM
 
Location: Columbia, SC
10,217 posts, read 19,965,888 times
Reputation: 9025
That's some pretty sorry counselling/lack thereof by your agent. If she can't help you fire her and get a better one.
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Old 10-17-2011, 02:50 PM
 
Location: Salem, OR
14,988 posts, read 36,880,817 times
Reputation: 15526
Quote:
Originally Posted by Brandon Hoffman View Post
That's some pretty sorry counselling/lack thereof by your agent. If she can't help you fire her and get a better one.

I'm a bit stymied by the agent's guidance here as well.
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Old 10-18-2011, 08:19 AM
 
Location: Sierra Vista, AZ
17,542 posts, read 22,890,623 times
Reputation: 9873
$13K down on a $350K property. There is the problem.
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Old 10-18-2011, 08:25 AM
 
Location: Columbia, SC
10,217 posts, read 19,965,888 times
Reputation: 9025
Quote:
Originally Posted by Boompa View Post
$13K down on a $350K property. There is the problem.
For every bad loan with a low down payment and a struggling owner there are 48 good ones. I'd say that's not too bad.
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