Comments on: Financing closing costs and a sellers concession? http://www.acfh.biz/first-rate-realestate/financing-closing-costs-and-a-sellers-concession Tue, 11 May 2010 23:22:59 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: HomesByDamon.com http://www.acfh.biz/first-rate-realestate/financing-closing-costs-and-a-sellers-concession/comment-page-1#comment-488 HomesByDamon.com Sun, 27 Dec 2009 01:50:59 +0000 http://www.acfh.biz/first-rate-realestate/financing-closing-costs-and-a-sellers-concession#comment-488 If you are getting 100% financing, you'll be limited to a 3% seller assist, which is $7500. Also, note there are some restrictions as to what sellers can pay regarding closing costs. Your lender may restrict the seller from paying pre-paid expenses. Talk to your lender to verify.<br><b>References : </b><br>I'm a Realtor and a former loan officer. If you are getting 100% financing, you’ll be limited to a 3% seller assist, which is $7500.

Also, note there are some restrictions as to what sellers can pay regarding closing costs. Your lender may restrict the seller from paying pre-paid expenses. Talk to your lender to verify.
References :
I’m a Realtor and a former loan officer.

]]> By: barnarhs http://www.acfh.biz/first-rate-realestate/financing-closing-costs-and-a-sellers-concession/comment-page-1#comment-487 barnarhs Sun, 27 Dec 2009 01:31:59 +0000 http://www.acfh.biz/first-rate-realestate/financing-closing-costs-and-a-sellers-concession#comment-487 The sellers should be willing to work with you as long as their net profit remains the same. If, for example, you need an additional $5k, have your agent talk to their agent about revising your offer to $255k, and now getting $10k credited at closing. For mortgage purposes the home would now have to appraise for at least $255,000 (they base the loan to value ratio off of the lesser of the sales price/appraised value). This worked for me when I bought an investment property after I had signed a contract.<br><b>References : </b><br>Real Estate Investor. The sellers should be willing to work with you as long as their net profit remains the same. If, for example, you need an additional $5k, have your agent talk to their agent about revising your offer to $255k, and now getting $10k credited at closing. For mortgage purposes the home would now have to appraise for at least $255,000 (they base the loan to value ratio off of the lesser of the sales price/appraised value). This worked for me when I bought an investment property after I had signed a contract.
References :
Real Estate Investor.

]]> By: ogrendle http://www.acfh.biz/first-rate-realestate/financing-closing-costs-and-a-sellers-concession/comment-page-1#comment-486 ogrendle Sun, 27 Dec 2009 01:26:59 +0000 http://www.acfh.biz/first-rate-realestate/financing-closing-costs-and-a-sellers-concession#comment-486 If you already have a contract it's highly unlikely. You may have to live with it. I wouldn't roll that small an amount into the mortgage. It will cost too much over the life of the loan. Can you get a "gift " from a family member or friend? You may have to bite the bullet and pay out of pocket. Is the agent your buyer agent or the seller's agent? If they are your Buyer Agent they should be able to find a solution. A seller agent won't care. It can't be all that much in the first place. Good Luck<br><b>References : </b><br>An Agent If you already have a contract it’s highly unlikely. You may have to live with it. I wouldn’t roll that small an amount into the mortgage. It will cost too much over the life of the loan. Can you get a "gift " from a family member or friend? You may have to bite the bullet and pay out of pocket. Is the agent your buyer agent or the seller’s agent? If they are your Buyer Agent they should be able to find a solution. A seller agent won’t care. It can’t be all that much in the first place.
Good Luck
References :
An Agent

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