Home Buying in 01609>Question Details

Yingbrooke, Home Buyer in 01609

I am paying cash ($40,000) to buy a condo that is a short sale, I wonder who should pay the closing fee and about how much it will cost?

Asked by Yingbrooke, 01609 Tue Mar 1, 2011

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The real estate contract will specify which fees are seller obligations and which fees are buyer obligations. Cities, states and counties specify whether their transfer fees are buyer or seller charges. On a short sale, the bank will likely dictate how the fees are divided. You can "sweeten" the offer by offering to pay more, or effectively offer a lower price by requesting the lender to pay. Your attorney or real estate agent should be able to give you an estimate
1 vote Thank Flag Link Tue Mar 1, 2011
If you are buying anything in Worcester, you're doing everyone else a favor and buying a falling knife, therefore you have a bargaining position to just tell the seller and the associated engrossers that they're covering your closing fees or you're walking to the next, more reasonable, seller. You got cash, you're god.
0 votes Thank Flag Link Wed Apr 6, 2011
Generally each side pays their own fees on a Short Sale. Asset Manager for Seller should assume their costs. Your cost is dependent on local fees, etc.
0 votes Thank Flag Link Thu Mar 3, 2011
It depends. They will be selling at a loss and what the bank will do is different for every situation. If they accept the offer at all. Good luck home ownership is the ticket to wealth.
0 votes Thank Flag Link Thu Mar 3, 2011
If you are paying cash your closing fees should be minimal. However ina short sale situation Sellers often have little money to pay at the end and the seller sometimes has to cover the nut. Your buyer agent and Attorney should be checking on this.
0 votes Thank Flag Link Wed Mar 2, 2011
I would ask your agent what they feel would make your offer "clean" and competative with other offer's that may be placed.
Your closing fee's may vary depending on how you're financing. FHA/VA/Conventional(?)
0 votes Thank Flag Link Tue Mar 1, 2011
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