Please End This SS Disagreement
I hope someone can give me the correct way to do this....and not just an opinion..although I appreciate all of the opinions I read here
...I just need this resolved ASAP
I have a dispute going on with an associate...while in the process of submitting a shortsale one wants to submit it showing the seller/lender paying the buyers closing costs. And the disagreement comes in where the other one says don't request the lender to pay buyer closing costs and just reduce the price of the offer by that amount and negotiate from there...
Which offer looks better in the eyes of the lender ?..who is already being asked to take less money?!...or does it even matter?
someone please help me settle this dispute soon...ARGH!
Thanks to all of you[ Edited by RESolutions on Date 11/25/2003 ]
Seller pays closing costs. The worst that can happen is that they counter.
While it is probably six in one, and a half dozen in the other, it simply is a matter of preference.
Due to the way that I come to my proposal price, I always tell the bank in my SS letter that I (buyer) will pay all closing cost! Of course the purchase price is adjusted accordingly, but as long as it clears my ratios and theirs, it really doesnt matter.
I certainly am not saying that my way is the only right way, but i will tell you that it works every well!
Best of Success!
BAMZ
Much depends upon how compelling your proposal, and how badly the mortgagee wants to be out from under the problem.
If there is no real estate sales commission, they may be inclined to permit some additional discount... but don't count on it. It can't hurt to ask...
If your Proposal's empirical data is credible, your Cost Benefit Analysis is compelling... and their net recovery can absorb the additional expense... they may capitulate.
Thank you all so very much for your input. I was the one that didn't want to put in the contract that the seller was to pay the BUYERS closing costs and wanting to adjust the price down accordingly. However, in theory I guess if the lender gets what they are looking for it is 6 of 1 after capitulating...
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Thanks you all again for being there with answers[ Edited by RESolutions on Date 11/25/2003 ]
My understanding is that the lender looks at the bottom line on the HUD-1. They first want to see what they are going to net. Then look at items they may be able to squeeze such as real estate fee.
Conclusion: Doesn't make a damn bit of difference.