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Seller Contributions All Locations : Nationwide Real Estate Advice

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Showing results for Seller Contributions [Clear search]
Wed Mar 14, 2012
John Crowe answered:
Ask. It's unlikely, though they may offer a concession. You might also ask your agent to search public records, see if a survey was filed or find the title company who performed the last closing - might have one in a file.

Good luck.
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0 votes 14 answers Share Flag
Wed Feb 29, 2012
answered:
Thu Aug 23, 2012
Todd Kevitch answered:
Depending upon the association, there may have been a large number of delinquencies. As a result, they have initiated a capital contribution from new owners. I have seen this in a few communities, most notably The Meadows in Boynton Beach

Todd Kevitch
BPO Realty.com
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0 votes 11 answers Share Flag
Fri Jan 20, 2012
Sherrie Crow answered:
Hello Nina--
Anything is negotiable, but banks are generally not very flexible. But I have seen banks pay for closing costs and other items in a foreclosure. There are so many banks and other lenders, and they all have their own guidelines. Have your agent put it in the contract and see what happens.

In my experience ( I have renovated several houses) $20,000 can go very fast. Make sure that you have the house professionally inspected. Then have a reputable contractor come by and give you an estimate on the repairs. All of this should be done in your due diligence period, do you can get out of the contract if you change your mind.

Whatever you do, make sure you are working with an experienced agent. There are so many factors in buying a foreclosure, especially one that needs repairs.

I would be glad to consult with you on this. Feel free to call me at 404-790-8184.
Good luck!

Sherrie Crow
Keller Williams Realty Metro Atlanta
404-790-8184


I
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0 votes 12 answers Share Flag
Thu Jan 12, 2012
George Nowicki answered:
Depends on what you consider a Foreclosure. If you mean a REO, the answer is usually yes. You really need to talk to your lender for the details as it's not a slam dunk. If you mean at auction, The answer is usually no because you generally need cash or proof of liquid funds to bid.

I hope that helps,
George


George Nowicki REALTOR®
Cell: 408.892.3379
DRE# 01363797
Email: George@Nowicki.net
Website: www.GeorgeNowicki.com
Facebook: www.facebook.com/GeorgeNowicki.Realtor
Twitter: twitter.com/GeorgeNowicki
BLOG: georgenowickisrealestatenews.blogspot.com


Realty World Platinum
3333 Bowers Ave #130
Santa Clara. CA 95054
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0 votes 4 answers Share Flag
Mon Jan 9, 2012
Vicky Chrisner answered:
You can offer anything, however, your agent will advise you on current market values and conditions. Often we see prices escalate above asking price in our area because buyer demand is so high. If you do not have an agent, please email me and I will try to connect you to someone in your area: MyAgentVicky@Gmail.com. ... more
0 votes 6 answers Share Flag
Sat Dec 17, 2011
Randy Hooker answered:
It's a roll of the dice! All any of us on this forum can do is speculate, so is that what you're hoping for? If I say I think you have a good chance of getting the reduced price, and closing by 12/31, will that help you feel all warm and fuzzy? Okay... I'll place my bet on that happening. Have fun, and good luck! ;-) ... more
0 votes 8 answers Share Flag
Mon Dec 12, 2011
Dot Chance answered:
Dien,

It can take a day (VERY rare) or it can take months. Buying a short sale property can take some patience but can be rewarding in the end!

Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
www.DotChance.com
818.339.7712

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
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0 votes 5 answers Share Flag
Sun Dec 4, 2011
Bill Eckler answered:
b,

You should have access to this information for both review and approval.....the best approach is to be up front with your agent and make this request of them. They should be able to obtain the information for you. Some HOA's don't like having their financials floating around out there for the public to have. Dare say, if that is the case, what is it that they have to hide.

Put your agent to work by telling them that to move forward on this property (or any other with an HOA) you'll require this information prior to submitting an offer.

Your expectations are very reasonable....

Good luck,

Bill
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0 votes 11 answers Share Flag
Sun Dec 11, 2011
Sally Grenier answered:
Why not? Now is as good a time as any. Home prices are low and interest rates are low. If you have a stable job, good credit, and money for a down payment, then why not? Now is a GREAT time to buy a home! Plus, stabilization of the real estate market is one of the keys to overall economic recovery. ... more
0 votes 20 answers Share Flag
Mon Dec 12, 2011
Britta Hinze answered:
If you have already been preapproved for a FHA loan ask you mortgage lender for a GFE (good faith estimate) of what your closing costs will be and an estimate of your monthly payment. This will give you a good idea of how much cash you will need to close.

Make sure to budget around $300 for a home inspection. This will be paid outside of closing.
Surveys and appraisals are also done prior to closing. Some lenders will ask you to pay these before closing or they will apply your earnest money funds towards them. A FHA appraisal will run about $425-450 and a survery costs about $400 as well. Once you find a property and get it under contract you will need to deposit earnest money funds to open escrow at a title company. On a $125,000 property it would typically be $1000. This money is credited towards your cash to close and deducted from what you own on closing day.

If you aren't already working with a Realtor please give me a call. 817-422-2945
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0 votes 15 answers Share Flag
Wed Dec 7, 2011
Ron Thomas answered:
The Banks are reluctant to lose more money.
The technique that a lot a people use is to offer $5000 more, and ask for Closing Costs;
This would reduce the Cash-out-of-pocket, if not reducing the NET.
The Banks are not a docile, intimidated entity; they are very savy and protective of their assets.
I wouldn't expect much in the way of favors.

Good luck and may God bless
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0 votes 12 answers Share Flag
Sat Nov 12, 2011
Astrid Flores answered:
On a cash purchase your costs should be under $800.00 plus, of course, prorated items such as taxes, insurance and HOA dues if applicable.
0 votes 9 answers Share Flag
Wed Jun 15, 2016
Gregorio Denny answered:
It depends on what type of financing you are using as well as the down payment. FHA allows up to 6% while Fannie Mae has a sliding scale.

Greater than 90%LTV = 3% max
75.01% to 90% LTV = 6% max
75% or less = 9% max

Always get mortgage advice from a licensed mortgage loan officer. Whomever is giving you this information is either misinformed or does not understand.

Refer to Fannie Mae Selling Guide page 374-376:
https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel092711.pdf
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0 votes 15 answers Share Flag
Thu Oct 20, 2011
Scott Godzyk answered:
Heidi this is an amount that a loan officer can give. I can tell you teh average closing costs are 3% but differ depending on what type of loan you choose, some have no closing costs as teh seller can pay up to 6% of them.

Your best bet is is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage that you may quailify for and explain the pros and cons of each. They are required to give you a good faith estimate of estimated costs to close.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_know_if_i_can_get_a_mortgage_given_today_s_real_estate_market


PLEASE SEE MY BLOG FOR A FULL LIST OF TIPS AND ADVICE ON GETTING A MORTGAGE
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0 votes 11 answers Share Flag
Sun Oct 16, 2011
Steffy Hristova answered:
Scott,
I would suggest that you interview a few agents and discuss your needs with them. They may offer you a Buyer Broker agreement which lists specific tasks they will perform for you, and their compensation may include initial consultation fee (non-refundable or credited towards any compensation due at closing ), a flat fee paid by the Buyer at closing plus commission paid by the seller.
Good luck in your investment property search!
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0 votes 11 answers Share Flag
Tue Oct 18, 2011
Home Selling Consultant answered:
Can you post a link to the home here?

Being able to see the inside by professionals will most certainly get you valuable feedback.

Top 2 reasons a home sells is,

1) Price
2) Condition

Thanks!
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0 votes 63 answers Share Flag
Thu Feb 28, 2013
Scott Godzyk answered:
They could, you should purchase the new property in a realty trust or such, to protect your assets you should contact an attorney as your state laws may differ in CA.
0 votes 8 answers Share Flag
Wed Jan 25, 2012
Morgan Hill, Owner Financing Specialist answered:
You shouldn't itemize.. Life is to short to spend your time nit picking things you can not control... Most all of the closing cost goes to the buyers side anyways.. that's why their are 'seller paid contributions' towards closing cost. ... more
0 votes 9 answers Share Flag
Thu Jun 20, 2013
Stephen Mearman answered:
Assuming zero debt you could get a FHA mortgage for the purchase price os $169,00 with a annual salary of just $25k.

Call me if you like to get pre-qualified to buy a home.

Steve Mearman
Cornerstone Mortgage Group

6151 Powers Ferry Rd. NW Suite 610
Atlanta, GA 30339
Office: (678) 578-7607
Fax: (678) 324-5238
www.cmg-homeloans.com

Georgia Residential Mortgage Licensee – 21412
Company NMLS - 147913: Individual NMLS - 248015
Do you know anyone that is looking to buy, sell, or refinance a home? Please call or email me with their information and I will be happy to follow up with them. I appreciate all referrals. Thanks!
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0 votes 18 answers Share Flag
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