Asked by Tuan, Fort Washington, MD • Sun Jan 6, 2008
My lender approved my short sale but they are only allowing 3% seller concessions. The buyer is insisting on getting 6% concession or will walk away. The lender does not allow me the seller to assist in closing costs with cash or promissory note. I am trying to find a way to get that missing 3%. We initially thought about reducing my realtor's commission and transfer it to closing costs as realtor's concession. Then I would pay my agent outside but my agent says that is against the law and her realtor will not allow it. So we are stuggling to find ways to get that missing 3%. Some ideas we thought of are:
- ask the buyers to increase the loan amount and roll the extra 3% in there. They don't want to do it.
- ask both realtors to reduce their commissions but the buyers' agent does not want to give up more than $1000. That's too little.
I want to help but I am tied by the lender's requirements. If anyone can think of a solution, please let me know. Thanks for your feedback.
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