if you offered $7000 more ...

Tue, 30 Jun 2009 05:24:00 GMT

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.

Most of the sellers lenders ...

Tue, 09 Jun 2009 15:41:00 GMT

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.

Zillow Advice: Buying Process - Any intake on short sale property. I recently offer $7,000 more than the asking price.

if you offered $7000 more ...

Most of the sellers lenders ...