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!
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