Home Buying in Naperville>Question Details

Homebuyer, Home Buyer in Illinois

I need an agent to help me in buying a property either as short sale listed or regular listed.

Asked by Homebuyer, Illinois Tue Mar 29, 2011

I need an agent to help me in buying a property either as short sale listed or regular listed.

Here is a question.
Can I get a seller contribution towards closing costs when buying a property listed as short sale?

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Thanks Michelle for the correction, I overstated the point. Rare, maybe possible on short sale, like so many other aspects of a short sale that need to align to get to closing table. I don't work your area, find a agent that can help you focus on fannie and freddie homesteps/homepath homes. many offer buyer credits, home warranty, 3% down payments, no appraisal FHA's... Short sales are not bargains, sellers are faking hardships, banks are not lettting the sellers out of the shortage, you neber know if you bought a house or not, can't plan your move.
1 vote Thank Flag Link Wed Mar 30, 2011
Absolutely NOT, Dan... Bank wants to get paid first and if the seller is claiming hardship, playing poor, the bank is the one allowing short sale to take place, wants to get paid first. Stay away from short sales, stick to REO's already foreclosed upon Fannie & Freddie bank owned and skip the drama of the short sale sellers out there.
1 vote Thank Flag Link Tue Mar 29, 2011
yes you can include closing costs on the purchase of a short-sale
0 votes Thank Flag Link Sat Dec 10, 2011
Step 1: Let's put you in touch with a lender if you have not already done so.
Step 2: Let's discuss the process involved with a short sale, REO's and a regular purchase.
Step 3: Finally, let's review your timetable on purchasing a home... that could have an impact on your decision.

Cheryl Thomas
0 votes Thank Flag Link Sat Apr 2, 2011
If you haven't been preapproved for financing, I'd like to meet with you. Once you are preapproved, any offer you make on a property carries more weight/credibility than if you haven't been preapproved.
There are a lot of great properties out there, and a lot of great prices, not to mention low mortgage rates. I agree with the advice regarding short sales. Any offer made on a short sale needs the sellers' approval, then also their bank's approval. Even if the seller accepts your offer, their bank might not and you will have waited many months to find out that your offer isn't accepted. Foreclosures are easier and quicker to purchase, and there are so many homes for sale right now that you could avoid making an offer on a short sale if you chose to. Again, I'd like to talk to you about preapproval and any other questions you may have. I lend on Homepath Mortgage homes.
0 votes Thank Flag Link Wed Mar 30, 2011
Actually, seller contributions ARE allowed in short sales but, only in a particular circumstance. The deciding factor is the type of loan the seller has on the home. That will determine whether or not a seller contribution is allowed. And, that contribution can only go toward the buyer's mortgage (closing costs, etc.), it can't be just a credit.

Give me a call and I'd be happy to explain this further.

Michele Nixon
(630) 674-9209
0 votes Thank Flag Link Tue Mar 29, 2011
Your first question has been answered so I will go to your next question. The websites you mention are only some of the REO properties that are out there.

HUD.gov is one, but a Realtor® can provide you with a broader list of properties.

I'm a Realtor® and I can assist you if you'd like.

Feel free to contact me:

Cathi Weaver
Keller Williams Realty Partners
Web Reference: http://www.CathiWeaver.com
0 votes Thank Flag Link Tue Mar 29, 2011
Any Licensed Agent will have access to all active listings including Short Sales, REO's, and Regular ReSales.
0 votes Thank Flag Link Tue Mar 29, 2011
Which websites have free REO listings? I know homepath & homesteps. What else other than these?
0 votes Thank Flag Link Tue Mar 29, 2011
In a short sale each bank treats closing cost credits differently but most of the time they will honor a closing cost credit as long as their NET price is what they are looking for.

One thing to make sure of is that your credit does not exceed your actual costs. You're only allowed credits towards closing costs and pre-paid items and anything else will be lost.

I would check with your lender first to get a better idea of what your closing costs are so you don't leave any money "on the table".

If you would like me to explain this further please call me at 630-730-4934
0 votes Thank Flag Link Tue Mar 29, 2011
Your offer on a short sale would have to be within the level acceptable by the lender. They will be looking at your offer through their bottom line perspective whether or not you ask them to pay closing cost for you. Generally, you should be able to have closing cost paid if your offer falls within lender's acceptable loss margin.
0 votes Thank Flag Link Tue Mar 29, 2011
Absolutely- You can search for all Foreclosures & Short Sales at http://www.DanFirks.com , the site is updated real time and is the best source for foreclosures & short sales. You will receive full page print outs of all properties that match the criteria you specify.

Questions or concerns please call met anytime at 630.637.9009.

Hope to hear from you soon.

Web Reference: http://www.DanFirks.com
0 votes Thank Flag Link Tue Mar 29, 2011
To answer your question, yes, you can get the seller to contribute towards your closing costs. Most banks will pay up to 3% towards the buyers closing costs on short sales.

Good luck!
Web Reference: http://www.ajsocal.com
0 votes Thank Flag Link Tue Mar 29, 2011
Yes, you can get that sellers to help with closeing costs. What do you know about short sales? Do you think just because it is a Short Sale it is a "good deal"? Cause all the short sale means is that the seller owes more than it is worth and will need the bank to "forgive" the debt. In my experience, they are not the "best" deals out there, REO (Real Estate Owned) tend to be, that is what happens by the way to a short sale if they do not sell. All I am suggesting is that you keep an open mind and look at both. FYI, on short sales, banks are taking up to 6 months to respond Vs a REO where you will hear back within a week.

Are you working with a local agent or Realtor? If not, please get pre-approved first, and then contact one. I suspect several local agents will repsond to your question right here on Trulia.com. Best of luck.
0 votes Thank Flag Link Tue Mar 29, 2011
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