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Answers (5)
- Mike &Eve Alexander - Buyers Broker, "Orlando Buyer Broker"
- Contributions:172
Depends upon the listing agent and the seller only.
The bank does not own the property on a short sale, so it is not their decision.
The title company is not in control either.
Craig has the right answer.
Eve in Orlando
The bank does not own the property on a short sale, so it is not their decision.
The title company is not in control either.
Craig has the right answer.
Eve in Orlando
- Kim Melendez, "kmelendez"
- Contributions:238
Depends on the type of financing you do. Title companies not Realtors typically require that there be some kind of funds to open escrow.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Everything is negotiable! Banks are usually easier then agents when it comes to this!
- KKSka14
- Contributions:63
Yeah, Craig is right about the deposit situation, but I'm not sure if you're talking about deposit or down payment. If you're talking about down payment then it's based on the loan product you choose. VA is 0% down, FHA is 3.5% down and conventional is a minimum 5% down.
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:571
Everything is negotiable. If I'm representing the Seller, I want a committed buyer and will require a deposit. Typically $1,000 on contract and 3%-5% balance when the bank accepts or terms are agreed to by the buyer and bank.
If I'm representing the Buyer, I don't want them putting anything down until the bank accepts or the terms are agreed to. At that point, we will put up 3%-5% deposit, which will be in the original contract under:
Deposit upon sellers lender written approval of all terms and conditions.
Hope this helps.
Good luck. You'll need it.
If I'm representing the Buyer, I don't want them putting anything down until the bank accepts or the terms are agreed to. At that point, we will put up 3%-5% deposit, which will be in the original contract under:
Deposit upon sellers lender written approval of all terms and conditions.
Hope this helps.
Good luck. You'll need it.
Are monies down or required for a short sell?
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- 0.0/5.0
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