can listing agent help out when the bank requires the seller to pay a cash contribution
Do you know if banks allow the listing agent of a short sale to help the seller out with the cash contribution and give a portion of their commission at closing to help the seller pay the cash contribution to close the short sale? Please advise. thanks
Replies to This Discussion
-
Permalink Reply by Alexander Max on
-
If you offer this ...you are opening your wallet for more concessions. Your Realty commission should never be used to close a SS deal . Have the Seller contribute some cash, negotiate a note , have seller borrow from Friends and family .... if they are not paying a mortgage and are living for free for a while they should be able to come up with some cash !!!! negitiating your commission is not the source of funds .
good luck
-
Permalink Reply by cheryl on
-
Yes most will...they don't care where they get their money. However, you must get approval letter after the fact for UW and the lien holders.
-
Permalink Reply by Len McGuirk on
-
You should definitely try and negotiate a portion of the cash contribution to be a promissory note from the seller. Don't assume that the banks will accept your commission as a portion of the seller's cash contribution before closing. If you really want to give up some of your commissions, make sure you request if this will be ok from the bank first. Some banks want to see ALL of the funds come from the seller, as they are trying to make a point and want the seller to suffer a bit. You could also see if the buyer could pay anything extra in order to make the deal work too. There are many solutions to working these short sales successfully.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons