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Any intake on short sale property. I recently offer $7,000 more than the asking price.

Contributions: 8

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is good move or bad.. I did that because I don't want to pay or closing _ I ask if the seller to pay $7,000 of the closing cost... Please need some input... Thanks

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June 09 - Palmdale

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Johnny James, "Palmdale Mortgage"
Contributions: 256

Johnny James, "Palmdale Mortgage"

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if you offered $7000 more and wanted $7000 closing costs did you really offer $7000 more? Do a net sheet and compare it with an offer at asking price with no closing costs . which nets the lender more cash? If you are serious about a short sale make your first offer your best offer you may not get a second chance. There are bound to be multiple offers for bargain properties, be prepared to play with the big dogs.

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June 29

Terry Osburn, "PawsitiveRealEstate"
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Terry Osburn, "PawsitiveRealEstate"

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Most of the sellers lenders in short sales will pay up to 3% in buyers closing costs. What you offered is really dependent upon the competition for the home, the current market value of the homes in the area of like kind in terms of bedrooms and baths, sq footage and the shape of the home. PLUS how bad do you want the home....in other words on a scale of 1-10 , with 10 being the highest do you rate this home in terms of what you were seeking in a home? It is not uncommon for buyers to build into the price their closing costs. At issue is was the home priced to allow for any adjustments to the market since it could take 3-6 months to close? Will your appraiser value it at the price offered? Your Realtor should have given you recent comps of solds in the area and how your offer would play out in the values . It is also not uncommon for buyers remorse to set in immediately upon placing an offer. Purchasing a home is a major commitment. MAKE sure the home you bid on is one you can see yourself in for many years down the road.

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June 09

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Any intake on short sale property. I recently offer $7,000 more than the asking price.

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Related Questions

Question getting a loan approved for 50k or less , is there a bank out there??

Question The "Grove" 93551 area recently "solds" have all been around $175k. Are they all short sales?

Question What is the maxiumum allowable debt/income ratio on a FHA loan.

Question What's a reasonable offer on a shortsale listed at 260k - house was sold for 745k 3 years ago..

Question Any intake on short sale property. I recently offer $7,000 more than the asking price.

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