Short Sale And Closing Costs
Help! I'm about to present a SS package to a lender Well Fargo and I want to know about closing costs. I'm not sure how to go about the closing costs. Is it typical that they are split in a SS or does the Lender pay or does the buyer pay? The loan balance is 69,000 and I'm offering 40,000. The house needs repairs, 10,000 would put it in great shape. The last sale on the block was 64,900. Does this sound right? Thanks for any help.
Everything sounds good.
I usually pay all closing costs, except for the realtor commission.
It just keeps it simple. The offer is the same as the Puchase and Sales price which is the same as their net.
Brenda
I agree with bgrossnickle, pay all the closing costs, MUCH simpler. I just went through one trying to get the mortgage company to pay the closing costs. Net offer 51,000 plus estimated clsoing costs of 5,000, purchase price 56,000. They refuse to pay some of the closing cost, then I had to resubmit sales contract and Hud1 showing new closing cost numbers... this means they have to review it again. Lost a week because of that when I could have just paid the clsoing costs and been done. MUCH easier.
Mike(NC)
Thanks for the info. I will change the paperwork before I submit.
Art