Buying A Home
tickledpink1843
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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.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Short sale, FHA loan and closing costs.
DH and I are going to go look at a house tonight that just went into SS. It's priced about 25k below the comps in the neighborhood and is in a really great area, so we are intrigued. If we like the house and want to proceed, we plan on doing a FHA loan. Can anyone tell me what percentage FHA closing costs typically are? We live in Texas, if that needs to be known.
Also, do buyers ever have luck getting a bank to pay closing costs on a SS? The realtor said he spoke to the bank representative, and he said that "at this time" they are not going to accept lower than the listed amount, but I forgot to ask about closing costs.
We are FTHB so all of this is really new to us, sorry if any of the questions have obvious answers!
Re: Short sale, FHA loan and closing costs.
The realtor told us that we could offer more than asking (i.e. if our closing + prepaids will be 8k total, we can offer 158k on a 150k house and they will credit it back to cover our costs) but I am not sure if this is a good thing to do.
Our realtor told us it was no big deal to ask for closing costs, etc, but since were in competition we decided not to. At our closing the seller's agent said that an offer before ours asked for closing costs and the bank rep said no way. I don't think there is any set answer.
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This seems strange to me but if that is their agreement then that seems like a good thing. I just haven't heard of it happening this way.
We did this. We wanted to offer $115k for the house and have the seller pay for closing costs, so we offered $119k and were supposed to get $4k credit at closing. Turns out we could only get 3% of closing costs credited, so we didn't get the full $4k credited.
Also, my realtor was the biggest fvcking douche on the planet. I just needed to get that out.