Replies to This Discussion

Permalink Reply by Sameer Punjani on June 2, 2011 at 9:05am

as long as the offer is in at market value, then 3% closing cost should fly. Also depends on their investor as well. Like you mentioned, they have minimum net proceeds they need to meet.  I haven't had a problem though, cutting any of my closing cost credit.

Permalink Reply by Heather Robins on June 2, 2011 at 9:25am

There policy is usually they will pay 3% AS LONG as the Purchase Price is at (there idea) of Market Value.

Permalink Reply by Katerina Gasset on June 2, 2011 at 9:46am

They are concerned mostly with their net loss. The amount of closing costs they will allow from the seller side is determined by the investor who owns the note. Each investor has different guidelines for the servicer to follow. Some investors don't allow for any closing costs to be allocated to a buyer from the seller side and others such as Fannie Mae do allow up to 3% closing costs. So as most short sale answers go: it all depends.

Permalink Reply by Celeste ODea on June 2, 2011 at 1:37pm

I always tell the selling broker to ask for 6% because BOA will always counter it to 3%.  But if you ask for 3%, they will cut it lower.  We've had 100% success using this tactic.  Why would the Seller counter it to $5,000?  Don't think the listing agent is too experienced. Go for the gusto and you can prepare the buyer for 3%.  If you put in $5,000, they will probably cut that back too but, why?  It all depends on the other fees and charges and the offer price too, but try for 6%.