Home Buying in 98251>Question Details

Amanda Shivl…, Renter in Bothell, WA

Short Sale closing costs

Asked by Amanda Shivley, Bothell, WA Mon Nov 19, 2012

We put an offer on a short sale 30 minutes east of town. The sellers previously had an offer that fell through, and were given a bottom line from the bank of what they would take. The house has been on the market for 80 days we offered 7k more then there bottom line and asked them to cover 7k of our closing costs. There has been no interest in the past 80 days other then us. Wells Fargo is the title holder, it is set to go into foreclosure next month. What is the chance the bank will pay closing?

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Answers

3
Generally speaking, Banks normally do not want to help buyers with money towards closing costs, but is worthy to ask them to see what happen. If you really want the house do not wait to long to proceed with the transaction.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Sat Dec 8, 2012
If the sale is approved the chances are good that they will pay the $7K BUT be aware they will rarely allow over 3% of the sales price to go towards buyers closing costs.... so... so long as your sales price is $233, 333 or higher your good to go... else expect them to drop the contribution to 3% of the sales price.
0 votes Thank Flag Link Mon Nov 19, 2012
Unfortunately none of us can really accurately speak for the lender.....
0 votes Thank Flag Link Mon Nov 19, 2012
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