Exact closing costs will vary from transaction to transaction, but typically the buyer is responsible for paying to have documents prepared and the deed filed with the county, as well as home inspection and all costs associated with your financing. The there is a well, your lender will likely require that you have the water professional tested. If you're buying land, you may need to get a perk test if you would have to use septic due to public sewer not being available.
Items that are usually paid by the seller, but are up for negotiation, are surveys and home warranties, if requested by the buyer in the offer. You also want to require the sellers to purchase a title insurance policy which insures they have the legal right to sell the property and there are no problems with the chain of title. (Foreclosures can't provide clear title until after a full year has passed from the date the property was sold at auction, so beware.)
There are so many details that have to be considered, let me help you. Once we find the right house, we'll go over the specifics when you are preparing an offer. At that time, I will provide you with an estimated closing statement so you can have a general idea what to expect to come up with at the closing table.
Give me a call and I'll be glad to assist you from beginning to end.... more
There are separate issues. First Private mortgage insurance may of been paid which is a loss that the mortgage insurer will take. However, the loss could be greater than the percentage insured amount. The insurance can be as low as 10% of total debt, depending on the the deal and risk at the time. When the servicer would file the 1099c they will not take the insurance in consideration only the maket value and pricipal amount.
A 1099c will be given if homeowner vacated the property or it is considered a investment property or vacation home. The accountant will have to determine if there can be an agreement to change 1099C filing.
First Weber Group
Certified Distressed Property Expert
Sylvia President Bush signed a law into effect that helps home owners that went into a short sale. They just need to file the proper papers with the IRS. This does not apply to second homes or investment properties. Here is a link.
If costs are a factor for you then you can speak with a Hud Counselor who will assist you for free in your area. Here is a link. I wrote an e-book if you are interested in returning to home ownership after short sale and i will be happy to send you, provide me your email address and I will send over.
The Credit Repair Expert