You as the borrower are responsible
for those items the bank normally will not pay for such as utilities, HOA
transfer and back dues, repairs, and liens other than mortgage related or UCC-1
and even then getting a UCC-1 lien cleared takes nearly an act of congress!
Because we know the bank will balk
at paying any fee and often time’s caps fees such as escrow fees and HOA fees,
we frequently incorporate that into our counter offer to the buyer.
For instance, the HOA management
company charges sometimes as much as $500 to supply new HOA documents to the
buyer. They also charge to transfer the HOA from seller to buyer. Since we know
this upfront and we know the bank generally pushes back at these costs, as part
of our counter offer we frequently ask the buyer to agree to pay for those fees
the bank won’t pay for. The buyer can then ask for a credit for their closing
costs from the bank and incorporate those fees as part of their closing costs.
We accomplish getting the fees paid for and not having to come out of pocket
for the expense. Just another way our experience pays off in the end.
We also ask the seller to maintain
the county utilities. Unless it is an extreme hardship, banks just don’t pay
for back utilities if they absolutely don’t have to.
As far as liens other than 2nd or
3rd mortgages, we work with the lien holder in getting the lien worked down or
released altogether. In the case of IRS or FTB liens, they generally agree to
release the lien but no the debt so the escrow can be closed.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation or
for the latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did
No comments:
Post a Comment