Are monies down or required for a short sell?

Are monies down or required for a short sell? If what dictates the percentage of monies down? What is the requirements for a short sell?
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January 24 2012 - Tampa
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Answers (5)

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
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January 26 2012
Depends on the type of financing you do. Title companies not Realtors typically require that there be some kind of funds to open escrow.
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January 24 2012
Everything is negotiable! Banks are usually easier then agents when it comes to this!
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January 24 2012
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.
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January 24 2012
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.
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January 24 2012
 
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