Buying a short sale

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Three weeks ago I put a contract on a short sale. The cost of the house is 265k with some help for closing. My offer was 260k with 15k back for closing etc.. I’m VA eligible and don’t have a down payment at all. The sellers’ bank said if I could come up with 3% we would have a deal. Is there a way around it? I already told my bank to increase the cost to 265K but we don’t think it’s enough. The house has been on the market for 1 year. You would think they take any offer by now. BTW I live I in Maryland.

Thank you
Brigitte Sad

gmakerley · Posted: Thu Apr 23, 2009 6:57 am Post subject:

bwilton, are you completely unable to come up with 3% for down payment? it would certainly get you in the house more quickly if you can. apparently the seller's bank isn't enthused about you as a borrower - they want to know that you'll get approved once they sign off on the short sale. money rules, you know. find $8000 or so somewhere - family, if need be - and let them know you have it.

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