I have a question for all you REALTORS out there busy negotiating short sales!

Buyers need the seller to help pay for their closing costs on a short sale...

In your experience, will a bank approve a 6% closing cost concession on a
short sale for a buyer, or do they strictly limit it to 3% and require the buyer
to come up with the other 3% plus the down payment?

I have a young couple trying to buy a home before the expiration of the
First Time Home Buyer Credit.  They have their down payment (3.5%) but
they need the full 6% closing costs paid by the seller.

What are their options?  Your feedback is appreciated!

 
Posted by Lorraine Bennett on 04/09/2010 08:03 AM   Comments (0)  
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Lorraine Bennett

Saint Pete Beach, FL

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Keller Williams Realty

Address: Tampa Bay Area, FL

Office Phone: (727) 490-9337

Cell Phone: (813) 716-3997

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The ABC's and 123's of this fascinating industry called Real Estate.


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