October 2009 Weddings
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**KelNYC**

So, we have started the homebuying process! Few questions:

1. Is it the norm these days to ask for seller assist on the closing costs? What exactly does that mean?

2. What are your thoughts on short sales? Our realtor is very against them and said she put contracts in on more than 10 last year and none of them worked out. Just looking for a second opinion.

I think that is it for now...I'm sure I'll have a million more for you as we move through this process. We just got our pre-approval done today and are going through her first list of prospective homes.

Thank you!

Re: **KelNYC**

  • Completely butting in.

    I know you want to stay in the area you are in now, but have you seen this: http://www.thisoldhouse.com/toh/photos/0,,20469484_20918127,00.html?  Are the house really that awesome?  You should live there.

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  • I don't mean to hijack but we bought a short sale (and so did Karma, I believe).  It all worked out but it was a long process.  I think 120 days before we heard back from the bank about our offer being accepted.  My realtor was "cautiously optimistic" the entire time and we continued to look at other houses and make other offers.  In general, we started looking for a house in November of 2009 and didn't close on our house until July of 2010 so it was a long process.

    IMO a realtor that does not want to do short sales is lazy and might be looking to just make a quick buck. 

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  • I'm butting in too!  I bought my house with the seller paying closing costs.  It meant I could tack it onto my loan total which, in the grand scheme of things, raised my payment a totally negligible amount.

     

    And I know quite a few folks who have bought short sale houses.  You have to have a ton of patience because you're not dealing with a traditional owner so things move incredibly slowly.  Of the handful of people I know who have purchased short sales, all of them had hiccups along the way which isn't out of the ordinary for any home purchase, but theirs were made a little big more significant because they couldn't just bug the seller's realtor, they had to wait on the bank.

  • Wow, looks like you already got lots of info! To add my two cents, there are many agents who won't get into short sales because they are so time consuming, usually a lower sale price, and can fall apart even late in the game (thus getting them very little compensation for months of work... hence the reluctance, which I wouldn't necessarily characterize as laziness... though I'm sure there are plenty who would fit into that category). Like Nicole said, you can get into a short sale, but keep your options open and continue to bid on other properties. If you are in no hurry, it may work out just fine!

    It is very common to ask for the seller to pay for all or half or a portion of the closing costs. In a buyer's market, there is a lot of inventory at low prices. That means that a seller who needs to sell quickly may be willing to fork over some of your closing costs to make the deal happen. BUT, depending on how good the property is, you have to consider if you want to push this or not. If it is a well-priced property in a desirable location, someone else may be waiting in the wings to outbid you or negotiate without seller closing assistance. It will really depend on the particular house, so you have to trust your agent's advice.

    HTH and I am here if you have any questions at all along the way.

    Good luck!!!!

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  • image munkii:

    Completely butting in.

    I know you want to stay in the area you are in now, but have you seen this: http://www.thisoldhouse.com/toh/photos/0,,20469484_20918127,00.html?  Are the house really that awesome?  You should live there.

    Love!!!

  • image munkii:

    Completely butting in.

    I know you want to stay in the area you are in now, but have you seen this: http://www.thisoldhouse.com/toh/photos/0,,20469484_20918127,00.html?  Are the house really that awesome?  You should live there.

    That is beautiful! I'm such a chicken about buying in DC...that area is totally "up and coming" but with a little one it makes me nervous to be somewhere that is still on the "up!" My dad sent me a few listings in that area (which is also REALLY convenient for me to get to work!) but I don't know if I can do it!

    Thank you all for your insight! I have to remind myself, too, that our realtor is in this to make money and has her own opinions, but DH and I are the ones that will need to pay the mortgage and live in the home so we need to make sure it is what works for us.

  • image juangela:

    I have to remind myself, too, that our realtor is in this to make money and has her own opinions, but DH and I are the ones that will need to pay the mortgage and live in the home so we need to make sure it is what works for us.

    Exactly!  I guess my point is, don't let a realtor talk you out of a short sale if it is a house you could see yourself in.  But also don't count on getting it... just be cautiously optimistic.

    Best of luck and let us know how it goes!

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