Vere08nice, Home Buyer in 60406

I am looking into purchasing a short sale home in the $90,000 range. What would be the estimated percentage of closing costs for this home?

Asked by Vere08nice, 60406 Fri Jan 15, 2010

is it reasonable to ask the seller to help with the closing costs on short sale buy?

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Answers

2
We had a shortsale deal close last year, where the bank covered the buyers closing cost, so it is possible. I agree that the chances are less.

In addition to the typical 2-3% (prepaids, tax stamps, etc) you may find that you will have to cover the expense of a survey and other items that the seller would traditionally cover, but may be unwilling to. A closing date can also be somewhat unpredictable, making financing deadlines and rate locks more challenging.

Best of Luck

Wayne Beals
Realtor
Keller Williams Chicago Consulting Group
312-77BEALS
312-772-3257
wbeals@kw.com
0 votes Thank Flag Link Fri Jan 29, 2010
Closing costs include lender fees, escrow fees, title insurance, among others. You should expect to pay 2-3% of the purchase price as closing costs.

With a short sale, the seller is not getting any money out of the deal so I don't think they would be too keen on helping with closing costs.

Phil McCollum
BRC Realty Group
0 votes Thank Flag Link Fri Jan 15, 2010
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