Home Buying in Appleton>Question Details

Tracy, Home Buyer in Neenah, WI

Is it ok to ask the seller to pay closing costs on a short sale?If we offer list $$ w/seller to pay closing costs, would the lender approve the offer?

Asked by Tracy, Neenah, WI Sun Sep 2, 2012

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11
This was asked a year ago why is it showing up as new?
0 votes Thank Flag Link Sat Jul 20, 2013
Yes ...in my experience they always give it to you is you offer is an FHA , but if its a conventional loan NO
0 votes Thank Flag Link Sat Jul 20, 2013
Does not hurt to ask for it... seller will most likely approved it BUT in the end it is the Seller's Mortgage company that has the final say. It really is all about the bottom line for most lenders so each situation is different.

Good Luck!

Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes Thank Flag Link Fri Jul 19, 2013
Ineed see the house for offer
0 votes Thank Flag Link Mon Jan 14, 2013
Bottom line is that the bank will still need to approve the entire offer. So even if the seller accepts it with all the terms and conditions it still needs to be approved by the bank. It can take several weeks sometimes months to receive an acceptance from the bank if one at all. I have a bit of experience with a variety of banks on short sales and foreclosure. If I can further assist you please don't hesitate to contact me at any time.

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Kelly Podmolik
Kelly@applevalleyrealtors.com
715-492-0019
Appleton Area WI
http://www.appletonareahomes.com
0 votes Thank Flag Link Tue Sep 4, 2012
You can ask. The bank is the one that approves a short sale. Bottom line is the number they will get out. Some of themm have set guide lines as far as how much they will pay. If they don't like it they will counter the offer. (the lender)

Debby Thompson
Homestead Realty Inc
Milwaukee, WI
0 votes Thank Flag Link Mon Sep 3, 2012
Structure your offer at a price that you can pay your closing costs and find out if the sellers lender will accpept that offer. That's your best choice.
0 votes Thank Flag Link Mon Sep 3, 2012
The seller nets nothing at closing so it would be the bank paying those fees. Typically this wouldn't be possible but if your offer is strong and covers what the bank needs to let it be sold, it's a possibiliy.
0 votes Thank Flag Link Mon Sep 3, 2012
I have closed several short sales where the seller's lender contributed 3% closing costs for my buyer, but it is a little bit harder to get closing costs on a short sale than perhaps on a traditional or bank owned home.
0 votes Thank Flag Link Sun Sep 2, 2012
It depends. I've had bank approve short sale with seller contribution included. Of course, buyer raised offer to include amount of contribution
You never know but you can certainly ask.
0 votes Thank Flag Link Sun Sep 2, 2012
Tracy,
Your realtor can ask but its doubtful a bank will pay much at all in closing costs, it all depends on the bank. I just had one that paid 1% of the sale price but that was a national bank.

Good luck
0 votes Thank Flag Link Sun Sep 2, 2012
I've actually found most banks, especially the larger ones, will pay some closing costs to assist a buyer. The most important thing that I have found is that regardless of what the lender pays out ,, they need to net out on the HUD, a number that will satisfy the investor on that loan.
So there you go... have lots of good answers.
Tom Harrison, Broker/Assoc. Appleton, WI
Flag Mon Apr 1, 2013
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