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Answers (2)
- Renee M Keshishian, "reneek1"
- Contributions:93
My first response, is always, if you don't ask you don't get.
BUT.... when asking for something like this, you are likely to appear unstable and indecisive to the Seller's bank. It is a big enough challenge to get an approval on a short sale. Never mind trying to change the rules in the middle of the game.
So, you still wanna ask? What are you bringing to the Seller's bank that will encourage them to consider this change of plan? Are you changing from an FHA loan to a cash transaction? Are you fronting more of the fees and expenses than originally suggested.
WHY???? If the tables were turned does that mean you would now back to the Seller's bank offering more for the property?
BUT.... when asking for something like this, you are likely to appear unstable and indecisive to the Seller's bank. It is a big enough challenge to get an approval on a short sale. Never mind trying to change the rules in the middle of the game.
So, you still wanna ask? What are you bringing to the Seller's bank that will encourage them to consider this change of plan? Are you changing from an FHA loan to a cash transaction? Are you fronting more of the fees and expenses than originally suggested.
WHY???? If the tables were turned does that mean you would now back to the Seller's bank offering more for the property?
- Pacita Dimacali
- Contributions:1254
Hopefully you have a seasoned realtor helping you with the purchase.
Your purchase price shouldn't be based on what is owed but rather what it is valued today as a short sale in your market.
In a short sale, the lender is responsible for selling costs that usually include back taxes and insurance and payoff of junior liens if applicable.
If you're referring to the tax assessments, that is usually also among the expenses that the short sale lender will pay off.
You can request to lower the price -- but that doesn't mean the short sale lender will agree to sell it to you at what you offered.
Remember, in a short sale, there are no guarantees. The short sale lender will have to approve the price, the terms and the conditions.
Your purchase price shouldn't be based on what is owed but rather what it is valued today as a short sale in your market.
In a short sale, the lender is responsible for selling costs that usually include back taxes and insurance and payoff of junior liens if applicable.
If you're referring to the tax assessments, that is usually also among the expenses that the short sale lender will pay off.
You can request to lower the price -- but that doesn't mean the short sale lender will agree to sell it to you at what you offered.
Remember, in a short sale, there are no guarantees. The short sale lender will have to approve the price, the terms and the conditions.
Short Sale - Can I lower the purchase price while still in attorney review?
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