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Seller Contributions All Locations : Nationwide Real Estate Advice

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Activity 358
Showing results for Seller Contributions [Clear search]
Nancy Warbur…,  in Gales Ferry, CT
Fri Apr 29, 2011
Nancy Warburton answered:
Typically you can recover the amount you had to put down for a deposit in the loan, so you can get that money back at closing or put it towards closing costs and points. If not having the monies available for the deposit - Did anyone explain to the Seller that you are using a 100% loan program and that you probably don't have the 3.5%?? In my area where we havea Navy base and many Coast Guard personnel, Sellers know that $1,000 or so is typically what we will get from a VA buyer for a deposit. ... more
0 votes 3 answers Share Flag
Elva Wormley, Real Estate Pro in San Jose, CA
Sat Apr 23, 2011
Elva Wormley answered:
Hi Tom,

It really depends on all the other factors, debt-to-income ratio, property condition and type, etc.

An experienced mortgage professional will be able to explain the pros and cons of all your options once he/she has reviewed your loan application and supporting documentation.

Best regards,
Elva Wormley
Cobalt Financial Corporation
... more
0 votes 8 answers Share Flag
scott farmer, Real Estate Pro in Scottsdale, AZ
Wed Jul 8, 2015
scott farmer answered:
You could hire an appraiser to get a professional opinion since your home is unique and you are unable to find similar properties to compare it to.
0 votes 10 answers Share Flag
Janet Sebile, Real Estate Pro in Rowlett, TX
Thu Apr 14, 2011
Janet Sebile answered:
A bank doesn't test buyers. They always assume that if an offer is being made, the person(s) wants the house. The bank is only after one thing - more money and that is what they are testing to see if they can get. I am not sure what the "5K cash contribution" is refering to. If you have a real estate consultant have them review the counter offer with you to see exactly what the bank is asking/offering so you can decide your next move. ... more
0 votes 8 answers Share Flag
Gary Geer, Real Estate Pro in Antioch, IL
Wed Aug 15, 2012
Gary Geer answered:
Lenoard,
Interview at least three agents and discuss your situation. They will either show you justification for the commission they charge or offer you alternatives.

All the best,
Gary Geer

www.GaryGeer.com
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0 votes 32 answers Share Flag
Corey Buck M…, Real Estate Pro in Jacksonville, FL
Fri Apr 8, 2011
Corey Buck Mann answered:
You will have no more purchasing power without a Realtor, and walking in without representation could cause you to be "oversold". You will be walking into Model Homes that have all the glitz and glamour, up all of that comes at an upgraded price. You will know what the additional costs are, but will you really be able to control yourself from going overboard and feeling you must have it all. Having someone to represent you will allow for a buffer and give you someone whom you can discuss the cost-benefit analysis with. It also gives you a an extra set of ears to hear what your eyes are not listening to.

Some advice I give clients when they are buying a new home: 1) Don't purchase the Model. Most people are visual, they can get a sense of living in a space based on seeing it. Therefore, in most new home communities, the Model home is the one duplicated. When it comes time to resell, having something different than the norm is a benefit. 2) Check for the little things. You are seeing things completely decked out and furnished, but are you noticing how many hose bibbs there are and where they are located. Do you have an exterior electrical recepticle and will it be enough to run your Christmas lights. Is the exterior lighting sufficient for your future needs (ie: flood lights on the corners of the home). Addressing these little issues upfront will save a lot of additional rehabilitation costs if you were to have them installed later. 3) Get clarificaation on the finishes. Knockdown ceilings vs. Smooth Finish, 5 1/4" baseboard vs. 3 1/4" baseboards, Shoe moulding over hard surface flooring, Door hardware finish (and making sure it matches the hinges).

Long and short, the Builder will probably hand you a specifications sheet as an aswer to your questions. But the amount of detail you cover up front will definitely make your end product that much more enjoyable for you.

Best of Luck, and if you would like to have a referral for the area you are considering buying in, please feel free to contact me.
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0 votes 6 answers Share Flag
Spirit Messi…, Real Estate Pro in Tucson, AZ
Sat Dec 10, 2011
Spirit Messingham answered:
Yes, you can get that sellers to help with closeing costs. What do you know about short sales? Do you think just because it is a Short Sale it is a "good deal"? Cause all the short sale means is that the seller owes more than it is worth and will need the bank to "forgive" the debt. In my experience, they are not the "best" deals out there, REO (Real Estate Owned) tend to be, that is what happens by the way to a short sale if they do not sell. All I am suggesting is that you keep an open mind and look at both. FYI, on short sales, banks are taking up to 6 months to respond Vs a REO where you will hear back within a week.

Are you working with a local agent or Realtor? If not, please get pre-approved first, and then contact one. I suspect several local agents will repsond to your question right here on Trulia.com. Best of luck.
Spirit
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0 votes 14 answers Share Flag
Kevin Olson,…, Real Estate Pro in Colorado Springs, CO
Wed Apr 6, 2011
Kevin Olson, Jessica Laude answered:
FHA Homepath is a program that can be great, especially for first time buyers. The biggest benefit is that there is no PMI on the loan. There is also no need for an appraisal. Getting (I believe) 3.5% paid in closing costs is a norm, and you can get a little creative in coming up with a down payment. The downside to this is that there are not many homepath homes to choose from. Many buyers will simply wait for a homepath home to come onto the market instead of looking at anything else. There is typically (not always from what I've seen) a 15 day owner occupant only period when the home is first listed. This means investors cannot make an offer, and betters the chances for an owner occupant to get into the home. Also, from what I've seen and heard, when an offer is made they will only consider 1 offer at a time. Agents are not always honest on this, or maybe they just don't know, but that's a nice thing to have in reducing stress when making an offer. Not every lender can do homepath financing, and you always want to ask for a fee schedule up front to make sure you are not overcharged just because they can do the financing. Hopefully this sheds some light on the matter for you.

Kevin
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0 votes 6 answers Share Flag
Pacita Dimac…, Real Estate Pro in Oakland, CA
Sun Mar 20, 2011
Pacita Dimacali answered:
Just the listing agent and the sellers have access to the information on Equator. If this is still in the negotiation stage, the negotiator could even counter your offer, by asking for a higher offer price, contributions towards payoff, less closing costs, etc. The listing agent will relay the counter offer both to your buyer agent as well as the seller. But you as a buyer won't/can't see this information because you don't have the necessary authorization. ... more
0 votes 1 answer Share Flag
Brianna Rogan,  in Friendswood, TX
Thu Feb 28, 2013
Brianna Rogan answered:
Its great that your are seeking advice on your first step many buyers dont and waste their time. Your first step is checking into to financing to make sure you know your buying power before you start the search. This will ensure your looking at exactly what you can afford. You second step is getting a good realtor that can advise and assist you with this search. Please review my page www.ziprealty.com/agent/brogan I would love to help you with this search I have several years of experience working almost exclusively with first time homebuyers. Also Zip Realty website is a great tool for your search it's the #1 real estate website. In addition we offer a 20% back rebate on my 3% commission. If you would like me to set you up a profile so you can utilize our website let me know!

I hope this has helped!
Thanks
Brianna Rogan
... more
0 votes 78 answers Share Flag
Thierry Abel, Real Estate Pro in Corte Madera, CA
Fri Mar 18, 2011
Thierry Abel answered:
Tariq,

250,000 in any of these 3 cities will be a difficult task.

You might too look in the suburbs
0 votes 7 answers Share Flag
scott farmer, Real Estate Pro in Scottsdale, AZ
Wed Mar 9, 2011
scott farmer answered:
First: Determine how long you are willing to wait on a bank to grant final approval of the sale (3-6 months).
Second: Are you willing to buy the property as-is?
Third: How many concessions are you willing to pay that you would not have to pay in a traditional sale, like, title fees, HOA fees etc.
Fourth: Make sure you understand that after your best attempt to cover all your bases the transaction can go sideways just before closing and you end up not getting the property, such as the seller files for bankruptcy or the seller does not have the funds being demanded by the second lien holder and he/she chooses to foreclose.
Fifth: If you can deal with all of the above then find yourself an excellent agent with lot of experience doing short sales to represent you and show you all the short sales your heart desires.

Not every short sale is the same and many more fail than actually close escrow. It is sometimes easier and faster to do a bank owned (REO) , foreclosed home purchase in my opinion and the buys are just as good with seller contributions towards your closing costs.

Good luck to you,

Sandy
... more
0 votes 4 answers Share Flag
Sheila Yeary, Real Estate Pro in Collegeville, PA
Thu Aug 15, 2013
Sheila Yeary answered:
Speculation is never good when trying to decide if you can get a mortgage. There's only one way to find out. Call a reputable mortgage company and ask for a preapproval. I recommend that you use a local bank, or one that you have had some experience with,....If you cannot get a loan,...ask them if they will help you with credit counseling so that you can repair your credit and be able to get a loan in the future.

If you call a good realtor, they will usually be able to assist you with obtaining contact information for a mortgage company that they have worked with in the past.

Best of luck!
... more
0 votes 24 answers Share Flag
Phil Rotondo, Real Estate Pro in Melbourne, FL
Tue Apr 8, 2014
Phil Rotondo answered:
Good Evening Robert;

If you call a local Real Estate agent in Queens they will be able to provide you a list of VA approved condos for sale.
0 votes 7 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Wed Jul 18, 2012
Anna M Brocco answered:
Seller contributions to closing costs are negotiable, there really aren't any set standards; if utilizing a loan most lenders allow up to six percent--what is your agent advising, he/she can best advise. ... more
0 votes 7 answers Share Flag
Spirit Messi…, Real Estate Pro in Tucson, AZ
Tue Feb 22, 2011
Spirit Messingham answered:
Talk with your lender FIRST before submitting an offer. If you are not pre-approved, see a local lender. If you dont know of any, start with your local bank as you already have a professional relationship with one.

I close on a condo next week, and it was approved for conventional only, could not get FHA. Majority can not be approved on FHA and speak with your lender as to why but it would be prudent to make sure you can get a loan on it before even submitting an offer. Good luck.

Spirit
... more
0 votes 6 answers Share Flag
Pacita Dimac…, Real Estate Pro in Oakland, CA
Wed Feb 16, 2011
Pacita Dimacali answered:
If you agreed to the set amount of $5,000 to be paid towards closing costs only, then the title company/escrow officer is instructed to apply that $5000 towards closing costs and not other expenses like repairs, etc.. The escrow officer should be able to provide that HUD statement that shows the amount of closing costs.

Generally, however, each side of the transaction gets only what applies to his side....i.e., seller sees only the seller costs, and buyer sees only the buyer costs.

Since you agreed to pay $5000 towards closing costs, you ma be entitled to see what those costs are, or at least get the buyer and his agent to share this information with you in a spirit of cooperation
... more
0 votes 2 answers Share Flag
Great Colora…, Real Estate Pro in Colorado Springs, CO
Thu Feb 17, 2011
Great Colorado Homes answered:
A Short Sale is when the bank agrees to sell the property at a lower sales price. They agree to do this to keep the owners and the banks asset from going into foreclosure. They are not required to do this.

If the home does not sell during the short sale, the next step would be for the bank to foreclose on the property and possibly put it up for auction.
... more
0 votes 27 answers Share Flag
Justin Ruzic…, Real Estate Pro in Greenville, SC
Thu Feb 3, 2011
Justin Ruzicka answered:
anything is legal, but remember the lenders are some of the largest companies in America. how easy is it to talk to your boss's, boss? If you are in a mid to large firm somewhat difficult. Besides that, the bank has a process to sell real estate, that is, when they choose fit they put them on the market. I don't mean to be rude, I just want you to know you will be wasting time trying to contact the lender.

Sorry...
... more
0 votes 6 answers Share Flag
Matt Konlande, Real Estate Pro in Fort Worth, TX
Sun Jan 30, 2011
Matt Konlande answered:
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