Home Buying in 33436>Question Details

Tiffany T, Home Buyer in 33436

What has been your experience with GMAC paying closing costs on a short sale?

Asked by Tiffany T, 33436 Fri Aug 7, 2009

Hi There,

I recently put in a contract on a short sale for a home and it is within 10% of market value after the sellers pay closing cost. Have you had any experience with GMAC being very likely to agree to the contract?

Help the community by answering this question:


Hi Tiffany,

My experience with any of the lenders/banks has been that if they will pay any of the buyer's closing costs at all, it is capped at 3%. Perhaps if your offer is high enough, they may pay them, but you must be able to get a high enough appraisal for it to work. With the recent plummeting of values in some areas, it is hard to say if that will happen. Also, in some cases, some of the typical Seller's closing costs must be absorbed by the Buyer - such as documentary stamps on the deed. If this is the case, it may not work at all.

If the home is listed, and you are working with a Realtor, ask one of them what the lender will allow. If not, have the Seller talk to the negotiator to find out. If there is no experienced professional representing the transaction, it would be wise to have the Seller hire a professional negotiator to cut through the red tape.

Good Luck!

Dianne Scott
Web Reference: http://www.DianneScott.com
0 votes Thank Flag Link Fri Aug 7, 2009
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