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Looking In L…, Home Buyer in Las Vegas, Las Vegas,...

When buying a short-sale, besides the home inspection and termite/pest inspection what is the buyer usually expected/recommended to pay?

Asked by Looking In Las Vegas, Las Vegas, Las Vegas, NV Mon Dec 14, 2009

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Everything is negotiable in this market.
What is your motivation for the purchase? If you really want the home, then be prepared to negotiate for it. Is the seller leaving the utitilies on for your inspection? Is the pool running? Is it being refilled with water?
Make sure you have an agent who is experienced with Short Sales, there is a lot of work and knowledge involved and you need an expert. Feel Free to contact me,

Sincerely, Diane 702.401.0307
0 votes Thank Flag Link Fri Dec 18, 2009
A short sale is very similar to a regular sale, in that you should generally request that the seller pay all customary charges for your area, including the pest inspection. The home inspection is typically a buyer's cost.

Charges that are sometimes requested to be paid by the seller are sometimes rejected by the short sale bank, which would typically include the pest inspection and a 1-year home warranty for the buyer. If these costs are rejected by the short sale bank, then they become the responsibility of the buyer.
0 votes Thank Flag Link Tue Dec 15, 2009
If you want to increase the probability of your offer being approved (so long as the seller's hardship is approved, a completely separate matter) you should ask for the seller to pay (this is Nevada) for the real property transfer tax ($5.10/1000 in Clark County) and Owner's Title Policy.

Virtually every other expense such as Common Interest Community (CIC commonly referred to as HOA fees) should be prorated to the time of the close of escrow: e.g. taxes, sewer (if separate from HOA fees), etc. As the buyer you should be willing to pay for any inspections and home warranty if you want one since you are likely purchasing the property for less than replacement cost.

In southern Nevada we use a short sale addendum to the purchase agreement that protects both parties to the whims of the lender and you won't have to pay for your inspections, or other due diligence until you have written approval from the lender that the short sale has been approved and both parties are aware of, and have accepted, the lender's conditions.

There are a lot of moving parts to a short sale but the good news is that lenders are responding quicker and have a better approval process in place compared to 9 months ago. If you know the ropes or have good buyer representation in a knowledgeable agent you can pick up some smokin' deals.
0 votes Thank Flag Link Mon Dec 14, 2009
With a short sale, you are dealing with the home owner. You should be expected to pay what is standard for your area just like any regular transaction, home, pest, mold and any other standard inspections. You negotiate the terms of the contract with the seller (home owner). Once you have an accepted contract with the seller, the seller will take the offer to their bank and ask them to approve the sale. The terms of the contract and what each will pay or do should already be spelled out at that point. In rare cases, the bank may ask that the buyer pay unpaid taxes or liens owed on the property. At that point, technically the terms of the contract are altered and the buyer can accept or cancel the contract. The majority of the time only the standard buyer fees for the area are what the buyer pays.

Foreclosures may be different because now the seller is the bank and you are negotiating with the bank directly. They may ask you to pay taxes or liens but that would be part of the contract and you would be aware of them during the negotiating period.
0 votes Thank Flag Link Mon Dec 14, 2009
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