Emergency Down Payment Source

By
Real Estate Agent with Signature Executive Realtors - Serving Maryland and Virginia

After finally getting an approved short sale, now we have found out that the area the house is located has been labeled a "declining market" and the buyers now need not 5% down but 10%.  They have the 5% and have no other seasoned sources. 

Any ideas where to get the additional 5%?

Need answers fast!!!!!!

We have to close by 3/10/08!!!

 

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Rainmaker
939,764
Kathy Clulow
CNE - ASP - SRES .... Uxbridge Ontario Real Estate
RE/MAX All-Stars Realty Inc. Brokerage
Vangie -I don't know all your details or regulations but on occasion I have seen the agents provide secondary financing from the commission earned on the deal. My webguy/hubby/former broker did this several years ago and then rolled the mortgage into his retirement savings plan and got a tax deduction.
March 10, 2008 10:25 AM
Rainmaker
333,209
Dan Brudnok
REALTOR,e-PRO,ABR,GREEN,SRES,CSP
Keller Williams RE- Exton - PA License Number #RS225179L

Vangie,

I see you have gotten what I could contribute.....I hope it happens for you.

March 10, 2008 10:50 AM
Rainer
39,082
Serena Brown
Taylor-Brown Real Estate
Does the town that the property in have a down payment assistance program?  Call the Empowerment Zone for the town or City Hall and ask about downpayment assistance program.  Also the person may be able to get a gift.  Will the bank approve 3% of the money need as part of the deal and buyer get the rest as a gift?  How much will the person receive in tax credits?  Do they have a 401K or IRA with the necessary funds in it?
March 11, 2008 06:57 AM
Rainmaker
39,636
Diana Turnbloom
The Leading Expert in TC Services & Education
Escrowcoord.com

Vangie-Hope you were able to come up with a plan B. I've seen this happen out here. It's a fine balancing act. You don't want to pay for the appraisal until you have short sale approval. But by the time you get approval from the bank(s) you're almost at the end of the escrow! Then what, try to go back to the banks and ask them to reduce the loan amount again? HA! The other problem you have to look at-Is the buyer still paying too much for the property? Depends, if this is their dream home and they plan on staying 10 plus years in order for market values to pick up, then maybe yes! But if they are planning on selling in the next 2 years (for any reason-job transfer, illness, etc.) they may not be able to re-coup their down payment! "Welcome to My World!" Diana

March 12, 2008 11:49 AM
Rainmaker
1,145,627
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

The answer is simple. Go FHA. Most real estate markets have increased the price limits for FHA. In fact, in Sacramento, where jumbo loans are anything above $417,000, FHA loans go to $580,000. You can thank me later.

elizabeth weintraub real estate agent Sacramento

June 03, 2008 09:16 PM
Anonymous
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Rainer
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Vangie Williams

Real Estate with Personality
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