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08-21-2007, 11:35 AM
| | Junior Member | | Join Date: Aug 2007
Posts: 1
| | | I have no money for closing
Texas
I am selling my home (closing is scheduled for this week), and do not have the funds needed for closing. Due to refinancing a couple of years ago, plus a soft market in my area, I need to bring a few thousand dollars to closing (to cover fees and remaining balance on my mortgage). Unfortunately, there is no family who can loan me the money, nor do I have any available c/cards from which I can withdraw the funds. What happens if we show up to closing with no money? Are there any other options that I am unaware of? |
08-21-2007, 12:19 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 29,043
| | | Q: What happens if we show up to closing with no money?
A: There will be no closing.
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08-21-2007, 12:21 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 15,040
| | | Exactly. If you are alread behind on your loan, you should have asked the bank to accept a short sale.
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08-21-2007, 12:57 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by Yankee Meg  Texas
I am selling my home (closing is scheduled for this week), and do not have the funds needed for closing. Due to refinancing a couple of years ago, plus a soft market in my area, I need to bring a few thousand dollars to closing (to cover fees and remaining balance on my mortgage). Unfortunately, there is no family who can loan me the money, nor do I have any available c/cards from which I can withdraw the funds. What happens if we show up to closing with no money? Are there any other options that I am unaware of? | **A: are they any Realtors involved in the transaction? If so, negotiate their commission to make the deal work. |
08-21-2007, 01:28 PM
| | Senior Member | | Join Date: Jan 2003
Posts: 19,145
| | Quote:
Originally Posted by HomeGuru **A: are they any Realtors involved in the transaction? If so, negotiate their commission to make the deal work. | The Realtors DID their job and deserve to be paid.
The seller agreed to pay them. The seller should be working to come up with the shortfall or negotiate a short sale. What did they buy with the equity they pulled out? Can they borrow cash value from a whole life policy? Sell stuff that's lying around the house on Craig's list? Take a short term second job to pay what they owe? What is the seller actually doing to come up with what they owe, other than whining they don't have relatives from whom they can borrow?
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