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
After saving up a large DP, saving another almost 10K for "closing costs" or in my province "Property Transfer Tax" makes me want to tear my hair out. Lately, while watching my fav real estate shows some deals have worked it in that the seller pays the closing costs. Does anyone have experience or knowledge in this area?
TTC since September 2012
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Re: Closing Costs
As to this, we did FHA and could only ask for 3%. The place was a great price, and we wanted it so we rounded up our offer (all of $500 but it was more of a good faith thing than anything else) and asked for 3% to closing costs. It's only a little bit, but it is almost half the total due at closing being paid by the seller - so it takes a chunk out for sure.
Just talk to the person helping you submit offers, and make sure they know you expect to add seller paying something in closing costs when you do make an offer, then when that time comes you can figure out the amount to ask for and make sure it gets into the contract when you submit an offer.
I'm a REALTOR?, in my market seller-paid closing costs are very standard. However I'm also in a military community, where about 75-80% of our loans are VA and borrowers don't need a down payment. This is the norm around here. About 50% of homes are advertised with the CC being paid by seller, and the other 50% I can guarantee that the buyers are asking for them. Also, almost all the new construction builders pay CC's as well. So basically people here get into homes with virtually no money down.
An experienced agent in your community will be able to tell you. If you are talking to the agent that is working for the seller, they might not be as inclined to work as hard for you. Work with somebody else from their company or a different company.
Seriously? 6% closing costs allowed... I'm in GA too, and seriously POed at my realtor right now. She insisted 3% was the max, and we told her we were doing FHA. If we had known that we would have not had an issue finagling the money for fixes, closing, and all for the house we're getting. Gah! We bought in NE GA and it is completely a buyers market, and our house was on the market 180 days and had no competing offers, so doubtful the sellers would have had an issue with the 6%.
...Sorry for hijacking the thread for a sec there but that made me google it, and the results made me sad.
That sucks! My Realtor told me that 3% was standard but I went to my mortgage broker to how much I could legally get. She is the one that told me about the 6%. I'm sorry!!!