Washington, Washington D.C. · Member since 2008 · 91 posts · 2 votes
I'm working on my first short sale. Meeting with the seller tomorrow to collect all of her info. She is in pre-foreclosure and owes $204k on a property that would likely sell for about $135-145k or so.
I have a few questions:
1) Who plays closing costs typically in a short sale?
2) How/where do I create a net sheet for the bank?
3) what is the typical earnest money deposit? $10? $500? Other? Who do I leave it with?
Real Estate Consultant · Member since 2008 · 792 posts · 30 votes
18y
Dan,
If this thread hasn't died, I will take a stab at your questions:
1. In a short sale, the bank is really the seller. They would pay seller side closing costs. Buyer side closing costs are obviously with the buyer side still.
2. PM me and I will send you a net sheet you can use.
3. From my experience, the EMD is not as important in a short sale as it is during a conventional sale. I would say something around 1% of purchase price should do the trick. The EMD should be held in a title company's trust acct.
Real Estate Consultant · Member since 2008 · 792 posts · 30 votes
18y
Dan,
If this thread hasn't died, I will take a stab at your questions:
1. In a short sale, the bank is really the seller. They would pay seller side closing costs. Buyer side closing costs are obviously with the buyer side still.
2. PM me and I will send you a net sheet you can use.
3. From my experience, the EMD is not as important in a short sale as it is during a conventional sale. I would say something around 1% of purchase price should do the trick. The EMD should be held in a title company's trust acct.