Buying A Home
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Asking for closing costs/down payment on a SS?

I have seen a few posts and a few articles online about asking for closing costs, but I don't know how it is with a short sale.

We're hoping to buy a short sale house that we LOVE, it's a great deal, but we're taking a good size loss on our townhouse so we don't have a lot of money to bring to closing (don't want to touch our emergency fund).

Has anyone has any experience with the selling bank covering their closing costs or down payment?  We were thinking about making a good offer, but asking for 3.5%-5% in assistance...

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Re: Asking for closing costs/down payment on a SS?

  • No personal experience with a SS (we did get the bank to pay CC on a foreclosure).  What does your REA say about her previous experiences with that particular bank contributing to SS?  Just keep in mind that the bank is looking at the bottom line--so when looking at your offer, they will combine the price and CC you request.
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  • A short sale seller is selling their house because they have a financial hardship, they most likely don't have money to kick in for closing costs. At least that's how it is in my market.
  • Banks won't deal with buyers that are not "strong"  Work in the costs you need to save into your offer price.  If things are that tight, you may want to consider staying put for a while instead of making  a stretch in this market.
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  • imagesteph44w1:
    A short sale seller is selling their house because they have a financial hardship, they most likely don't have money to kick in for closing costs. At least that's how it is in my market.

    Ditto. We also had to pay for the FHA required repairs ourselves.

  • imageUSER876:
    Banks won't deal with buyers that are not "strong"  Work in the costs you need to save into your offer price.  If things are that tight, you may want to consider staying put for a while instead of making  a stretch in this market.

    this.  and also PP's statement that you will have to pay for the FHA repairs yourself...

     

     

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  • Our offer on a short sale was accepted about 2 weeks ago and the bank has agreed to pay closing costs. We offered full price and asked for closing costs. It's worth a shot.

  • You can always try- who knows?  I do know that on a few of the SS we've looked at lately - we were dismayed to find out that the bank was looking only for "cash buyers."
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