Mortgages
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Can you get sellers concession on short sale?

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2012-08-14 12:11:21
2012-08-14 12:11:21

Yes, but the amount of the concession depends on the type of short sale. An FHA Short Sale (under the HUD Pre-foreclosure Sale Program) can include up to a 1% seller concession only if the Buyer is utilizing FHA financing in the purchase. A HAFA Short Sale will allow a seller concession, but the amount depends on the proposed net proceeds to the mortgage servicer.

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Sellers borrow the security and than sell it. Sale is completed by delivery of borrowed security. They presume that they will buy the stock at lower amount than the price at which they sold short.


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If the sellers sold the home for as much as they owed on the loan, there is no possibility for a deficiency judgment, since there is no deficiency. If the sale was through a short sale where the bank took less than it was owed but allowed the homeowners to sell and walk away, the bank would have to sue for the deficiency judgment.


A seller's concession is something the seller gives or gives up in order to make the sale. Therefore the seller's profit is reduced. However, seller's concessions are often used as a selling tool in a buyer's market. Many first time buyers need some seller's concessions in order to purchase the property. It depends on how much you want to sell. If you can afford to hold on to the property and do not need a sale at present, you can wait until the seller's market improves.


Short sales offer a number of benefits to buyers. Because, during a short sale, homeowners agree to sell a house for less than the amount owed on the mortgage loan. This type of sale requires the lender to approve of the deal, while short sales sometimes leave sellers owing money to the lender, they also provide an alternative to foreclosure. In addition to helping the seller protect their credit.


not for buyers, sellers pay a percentage on a sale


Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.


At the closing table when all funds from the sale/purchase of the home are exchanged.


A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.


Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale.


A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.


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Short Sale Advisory ~ or Short Sale Addendum


Anyone can do a short sale provided their home is worth less than the balances owed on mortgage. Banks will look at short sale even if you are current, so if you have to sell, submit your paperwork to the bank ad they will let you know if you qualify for a short sale.


A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.


Generally, no a homeowner cannot sell a short sale to a family member or other related party. This would violate the arm's length transaction requirement of a short sale.


When the sellers and buyers agree on a price, and the price is stable, in the short run.


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