The bank has approved a short sale - banks asking for closing costs and $. Is that normal? Do you counter with the bank?

Asked by Bertramfc, Suffolk, VA Thu Aug 4, 2011

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Vicky Chrisn…, Agent, Purcellvile, VA
Thu Aug 4, 2011
Please defer to your agent who would know the specifics of the circumstances of your case.
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2 votes
Dawn Crocker, Agent, Chesapeake, VA
Thu Aug 4, 2011
This is a very good blog post about short sales and that many times sellers will need to bring money to the closing table and/or sign promissory notes.
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Aug 4, 2011
The Bank has their Closing Costs, and the Buyers have theirs. I doubt that the Bank is asking you to pay for theirs.

If you have an Approval/Acceptance, you are way ahead of the game.
Follow your Realtor's advice and get your house.
Your Escrow will probably take 45-60 days, during which time you will get your financing in order and do your Inspections. Everything will be fine unless you find something really big with the Inspections. If it's something small, accept it and keep going. You're almost HOME.

Good luck and may God bless
0 votes
Margaret Has…, Agent, Tampa, FL
Thu Aug 4, 2011
Hi Bertram - I'm guessing you are the seller of the short sale property. Banks will quite often ask the seller to bring money to closing, if they don't believe the seller is in a hardship position.
0 votes
Jill Butler, Agent, Richmond, MN
Thu Aug 4, 2011
Typically, no, you do not counter with the bank. They dictate the way the deal needs to be structured.
0 votes
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