Is It Normal Practice For A Seller To Pay For Buyers Closing Costs
selling my home by owner . how much should I pay for a broker to handle the transaction ? is it normal for the seller to pay for the buyers fees
selling my home by owner . how much should I pay for a broker to handle the transaction ? is it normal for the seller to pay for the buyers fees
Sometimes the seller pays the buyers fees, it depends on the offer. Often the seller pays the fees to help the buyer get the required % down (ie 10% down in my deal). This should come at a price. You should get much closer (or even more than) asking price. I sold a house where I was asking 80k and got an offer of 83K if I paid 3k in closing costs. All of this assumes that the appraisal will support the higher cost (which it did in my case)
FMV is the most important number. What is the current FMV of the property?
It is highly unlikely that you wil get a property that was worth 366k 6 months ago for 150k. More than likely Owcen will short the second only.
Short sells are funny animals. You build the best case that you can, but because you usually do not work with the same person more than once, it is really hard to estimate the outcome.
What is the As-Is FMV? If the house went up on the MLS right now, for what price might it sell?
So you are making a case for the house being worth even more than 360k. Banks do not give houses away. My experience is 85% on the first and about 60% on the second.
As-IS Value is probably 200K due to the water damage, mold and it being outdated.
If it was listed prior to the water damage, it would probably go for 330K which is FMV.
After a kitchen and bath remodel, new flooring, etc, fixed up to the 2006 standards with Granite, Ceramic, New trim and doors...It would get 420K which is FMV in this area for this type of house.
I know that banks are not giving houses away, but I also know that in my market things are slow and this house needs substantial work to sell. This house has a finished basement that you cannot even access because the water is up to the 4th step. My assumption would be that they would not want this house back and what would they take is my question....And is it better to SS or outright by the note.
I can get the deed with no problem. With a SS, it is a long process and still subject to their inspection and approval. I would like to know if I asked to buy the note on a loan that they have never received a dime on anyway, what would an investor that buys notes offer them.
bgrossnickle,
You must be good luck. The bank actually called yesterday. The are entertaining my suggestion to buy the note and ordered an interior BPO. I never even submitted the SS package. This could be sweet!
rtowns50
Short the second, or take the property through foreclosure, the lien will leave the property, and land on the owner where it should be. You may get lucky and some one will bid the first, giving you a tidy profit without investing that $125K which may a turn out to be $150k.
Meet the BPO person - you have to be there. Tell them all about the house and what is wrong. You need to be a salesman to be the BPO price down. The BPO will make or break this deal.
Actually, I met the realtor doing the BPO on the deal that I just got Accepted ("cha-ching"
and handed them my comps and it went so smooth for me from that point. The person owed 98K. I am closing in two weeks for 49K with 4% concessions. Paint, carpet and cleaning. FMV is 100K. 1st mortgage on this only!
On this next one that we have been talking about, I am going to show up with two respirators and some "fly fishing" boots...lol
I will keep you posted. Thanks again.
respirator and boots..LOL... I never knew my acting lessons could help out in RE. Start coughing and sneezing worthy of an oscar nomination. Post a few EPA hazard stickers when the inspector isnt lookin.
respirator and boots..LOL... I never knew my acting lessons could help out in RE. Start coughing and sneezing worthy of an oscar nomination. Post a few EPA hazard stickers when the inspector isnt lookin.