Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
closing costs question
Can you roll closing costs from selling your house into the mortgage of your new house?
Re: closing costs question
No. When you sell your house you will either be given a check at closing for any excess funds (sales price - current mortgage balance - expenses) or you will need to bring a check at closing. You have to be settled at closing but some people get a loan from a bank if they do not have the cash to bring but I think those are harder to come by and at higher rates.
In a way you can. You can ask sellers to pay closing. So say you were going to offer them 205k and closing costs are 3k. You would then offer then 208k because you want them to pay the 3k closing.
Hopefully that makes sense.
I think she's asking about costs incurred when selling a house and not specifically about the separate fees incurred when buying. I agree that as long as the house apparises ok then you could "roll" closing costs for a purchase into the price of a house.
Oops...I read the question wrong.
Sorry!