Does a short sale has seler contribuition?

Asked by Carlos, 33183 Fri May 23, 2008

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Lynn Pineda, Agent, Coral Springs, FL
Fri May 23, 2008
Carlos, it might seem on the surface that you can't have any Seller contributions in a Short Sale. However, Seller contributions are quite common. Keep in mind that the party actually approving the contribution is the Lender. It would be more accurate if we could describe them as "Lender contributions". It is true that the "Seller" or homeowner does not have monies available to offer anything in a short sale therefore it's not really the "Seller" who is offering contrributions it's the Lender.

As with any offer, Short Sales will vary greatly depending upon the quality of the actual sales offer, the Lender, any additional liens on property, etc. So to answer your question, "yes" short sales can have Seller contribution.
1 vote
Debi Quade,…, Agent, Miami Beach, FL
Fri May 23, 2008
A short sale means that the seller "qualified" for the lender to CONSIDER taking other terms when the property sells. Other then the mortgage amount owed. A lender usually has first lein on the property, so it can not be sold without them either being paid back in full, or the lender agreeing to take less money. Terms can be anything on the contract, however the lenders stastically have only bothered to look at offers with well qualified buyers, no contingencies. Their motivation to accept a short sale is qucik closing, good buyer, strong down payment. The habits of lenders is changong daily with new properties having distress.
A good Realtor can walk you through the process, and find out if the bank is being liberal on their terms.
good luck.
Debi Quade
Carson Realty Group
1 vote
Wenceslao Fe…, , 33140
Mon Jun 2, 2008
Carlos, visit http://www.1CDPE.com and keep an eye on the next certification course.

Otherwise, contact me for more direct information.

Wenceslao Fernandez Jr, BS, CDPE
0 votes
Diana Knopp, Agent, Colorado Springs, CO
Sun May 25, 2008
I believe the seller can contribute to the buyer costs, but whatever the bank is short in the end, the seller will have to pay back to the bank. The bank must agree with the contract that the seller may accept.
0 votes
Evelina Tsig…, Agent, Sunny Isles Beach, FL
Sun May 25, 2008
Buyer may ask for the seller conribuition and it it up the the bank ...
0 votes
Ricardo Rami…, , Miami, FL
Sun May 25, 2008
Everything is negotiable provided the bank gets their Net
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Fri May 23, 2008
Not to my knowledge. In a short sale there can be NO proceeds to the seller; the seller is "already" contributing the amount shorted the lender~ so to speak.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more