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Now seller has to fulfill thier obligation, Mason Nettles .
Of course, if they know from the beginning, that may be a short sale and lender has to work this out.
White Plains, NY
The seller would have to borrow or get an extra job. This is sometimes used as a ploy to get the listing agent to give up some commission.
(If I'm understanding this correctly...if it's just a small amount for seller's concessions and normal costs associated with escrow, title, broker costs that the seller cannot handle than a short sale would normally not be approved for "relatively small" amounts (different thresholds for different lenders/investors). I've known of situations like this being used as a ploy to have commissions reduced.)
Pacific Palisades, CA
White Plains, NY
refer to an agent who has time to deal with shortsales.
There are 2 kinds of seller out there. Those that can and want to sell because they have enough equity and those who need to sell who are struggling. Which one is your buyer. I might also include those that are on the fence. They want to sell but do not have enough equity and will need to continue to live there until the market has corrected itself and they are in a positive situation. The answers are Short Sale or have buyer pay closing costs are both right but not selling at all is an option too.
I do a net sheet for a Seller so they have all the financial information before acceptable offers. If they need to bring money to closing, they should know upfront.
Time to get creative. See if the buyer can cover some of the closing costs for some consideration on the price of the home.
They would be better to get cash advances on their credit cards than try for a short sale.
If the seller owes more than the house is worth, the answer is a short sale if you can not get the price up to cover costs of selling
That is a short sale. Clearly, it's something that should have been analyzed prior to listing.
You have to work out a short sale with the lender .,unless seller can bring money to closing.
It is a short sale....and if you don't have the training and experience..refer the listing.
Mason, it will complicate the closing process.