 We have no choice but to foreclose on our home. What will we still be responsible for if we walk away? |
| We purchased our home for 420K over a year ago. Planned to refinance and lock into a better loan. Unfortunately, when we went to refinance the value of our home went down conciderably. Worth only 300K... |
|
 When People Signed Sub-Prime Mortgages Did They Look at How Much Their Payments Would Like Be After Resetting? |
I would hope that people paid attention to how high their payments were likely to be after the first reset.
And, more importantly, I hope people looked at how high their payments might end ... |
|
 How can so many people afford expensive homes and nice toys?? |
| And I'm not talking about million dollar homes on the ocean either. From coast to coast, towns large and small. there is always the neighborhood in every single one of them where people own $250... |
|
 My landlord has a repossession order on his flat and we are sitting tenants what can we do? |
Additional Details
we have paid the rent regular each month and now the landlord has had a court letter saying the mortgage agency are repossessing the flat next month and he has to ... |
|
 Mortgage scam/Bank fraud? |
The daughter of a dear friend of mine has gotten herself in some pretty deep trouble and claims innocence. See link.
Is it possible that anyone involved in this may not have known what was going ... |
|
 Is it possible to move out of my apartment without penalties? |
| My roomate and I moved in at the end of July but we still have not signed the lease the landlord gave us. I still have both copies we were supposed to sign and I've seen the landlord plenty of ... |
|
 Advice, comments about our FHA loan? |
| make a long story short. My wife and paid off all of our debts. we went to a mortgage company to get a loan, the lady took our info and called us the next day saying how much we were approved for and ... |
|
 HELP!! Tenants are absolutely insane - called the police? ? |
Hi everyone,
I posted a while ago about how my parents have insane tenants. Recently we had a family emergency that my parents had to tend to the past few weeks. Last week we got a letter ... |
|
 Do you hate viewing apartments that people are living in before renting? |
| ...like when going to see a place that is coming on the market in a few months and the place is still fully lived in? Do you hate being a tenant in that situation as well........ |
|
 Can you explain to me in layman terms how adjustable mortgage rates work? |
| My sister has an adjustable rate mortgage. Over the past year her mortgage payments have gone up several times. Now her monthly mortgage payment is $2,235 for a 2000 sq ft home in a nice area. No ... |
|
 Will a sold sign go up? |
| We accepted an offer on our house today, we still have to find a house to move to and I was wondering will the estate agents put a Sold sign up of the board?... |
|
|  |
Jamie * | Buyer wants to purchase my condo overpriced. I pay closing? |
I have a 1 br condo that has been on the market for $169,900 in Southern California. It's vacant and very clean.
I received an offer for $177,000 but the buyer wants me to pay a total of $12,000 in closing costs. This price does not include the commision.
The most recent sales (of the same size unit as mine) in the same complex were earlier this year at $173,000 and $177,000. There hasn't been a sale in the complex since May.
So, since the buyer is hiring the appraiser, they may be can get the condo appraise for $177,000 which is what they want to do and have me pay the $12,000. But the price of the condo would go down to $165,000. According to my agent, my final net worth will be $151,000.
I am worried about doing this because it doesn't even sound legal. If they want to pay $177,000 is it going to show everywhere that was the price my condo sold for? I am also wondering about the commisions I need to pay, they might be a percentage of that price.. and my taxes too. |
 |
 
bundygil
 |
Looks like the buyer is borrowing all the purchase price and getting you to pay the deposit. Come back with counter offer of the price you want with closing and taxes added. |
|
just a girl
 |
It is legal, and it will show that it sold for $177K. However you are only getting $165K and if other units are selling in the $170's I say NO DEAL. |
|
Rob
 |
You are right thats monkey business. Not a good deal for you at all. |
|
ROCKY
|
Closing costs on $177,000 will not be $12,000. |
|
bpl
|
As long as it appraises for the sale amount. The sale is contingent generally on it appraising for the sale amount for financing purposes. As long as that happens, it is all good. |
|
J-Shizy
 |
We're missing a lot of information. It sounds like you're still negotiating price. Generally, the buyer can negotiate for you to pay closing costs. Your contract for sale will contain your price. Your listing agreement with your real estate broker will mention the commission. You will have to pay a percentage of the purchase price. If you sell your home then the purchase price is probably going to be public knowledge. I don't know about CA but out east it's published in the paper. Also, it's pretty much public record. You should consult an attorney that is knowledgable in tax law to see whether the sale of the house would be considered gross income. Also, he or she could determine whether your paperwork is legit. |
|
Third REICH
|
yes because he is buying over price so you have to pay the closing coast or just make half & half,you pay half he pay half. |
|
Mortgagemom
|
FHA allows the seller to pay up to 6% of the selling price towards the buyer's closing costs and pre-paids. In addition, the seller can also pay into a down payment assistance program for the minimum 3% down payment. This is all legal.
Other conventional programs through Fannie Mae and Freddie Mac allow 3-6% of the sales price towards closing costs (depends on the borrower's down payment). Also perfectly legal.
However, you raise a valid concern about the appraised value. Based on what you've said, the unit would have difficulty appraising for the $177k. And $12k in closing costs is awfully high. That raises concerns in my eyes.
My suggestion would be to have your Realtor explore what he/she might think the maximum value is and counter-offer to pay the difference between your original asking price and the realistic value towards buyers closing costs. I think (rather, I know) there is room for negotiation on the mortgage side of this transaction.
$12k for closing costs - that kind of stuff gives all us brokers a bad name. Shame on that lender! |
|
liveinaustin
|
Determine if your net proceeds (at the 177K sales price) is acceptable, and if so, move ahead with it. This is perfectly legal and is done all the time in my state.
Regardless of what the closing costs are, as long as you're not paying the buyer money under the table or outside of closing, it won't matter. If the home doesn't appraise, that's for the buyer to deal with. If condo sales are slow in your complex, think outside the box a bit and perhaps your condo will be the next one sold.
PS. In my state, taxes prorations on the closing statement are based on the most recent tax certificate. If that's the case in your state also, your taxes will not be affected by the sale price, but the buyer's taxes will likely go up once the sale is reported to the tax assessor's office.
Commissions are typically based on the sale price, as is the owner's title policy, so if they increase the price to cover the buyer's closing costs, you can always state in the contract that the buyer's agent (or both agents, if your agent agrees) commissions will be based on the original 169,900 asking price. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 18 minutes(s) ago
| | | |
9 | 30 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
9 | 5 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 1 week(s) ago
| | | |
9 | 1 month(s) ago
| | | |
8 | 3 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
