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robert k | Can i raising the selling price of home to cover closing cost before accepting buyer offer.? |
we are selling our home privately and came to a verbal agreement with a neighbor of a price of $350,000 and buyer pays all closing cost. when the buyer submitted a written offer they offered $350,000 and seller pays all closing cost ( about $9,000). they said that their preapproved loan would not allow them to pay closing cost. (???wierd to me??). fine. what i want to know is can i counter offer them with a higher price of $360,000 to cover these closing cost. the only thing in writing on the selling price is an email that clearly states we will sell the home for $350,000 as long as buyer pays closing cost and we walked away with $350,000. can I change the price of my home this late in the game. if i cant get $ 350,000 for the home i am not going to sell it. any advice on what i can do to make this work to my advantage. I really dont want to list my home and only want to sell it privately to these neighbors or not sell it at all. help needed |
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You can always counter-offer, and your neighbors may or may not accept. I think it best to have a conversation and try to work it out amicably if you do not want to end up listing your home. Consider that your neighbors may be maxed out on their loan, and that may be why they can't cover closing costs. Good luck! |
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Zeltar
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Absolutely. The selling price does not normally include closing costs. Closing costs are paid by the buyer in most cases. The seller is always responsible for realitor fees (which a private sale doesn't have).
I sold a home for an asking price. And, the buyer offered me seveal thousand more to cover closing costs so that I would still end up with my asking price. |
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acermill
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Well, for starters, your neighbors are probably lying about their preapproval. Lenders do not determine who pays closing costs. My guess is that they can only be approved for $350K, and not a penny more. Hence, they made their offer in an attempt to get YOU to swallow these costs. You can certainly counter their offer, as long as you have not accepted it in writing, but do not be surprised if they walk away.
My guess is they simply can't get approved for enough to allow them to pay the closing costs, and they don't have the cash lying around either. |
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estielmo
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It's not that the lender won't "let them" pay the closing costs, they don't want to. Fine, their call.
You had a price listed.
They made an offer.
Now you make a counter offer under whatever terms you wish. Increase the cost, add or subtract terms, stand firm.... It doesn't matter. As long as the appraisal will give your property a value of 360K both of you will be ok. The appraisal is the ONLY thing the bank is concerned with, not how much you walk away with. |
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tampabaycreditdoctor
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Yes, you can do that assuming there will be no appraisal problems with your house. If your house appraises for $320,000, it will not matter what either you or the buyer say, unless someone, or both, are willing to make up the difference, or someone with the buyer's lender over rules the appraiser. That being said, even if the property appraises for your tentative sale price, the buyers loan underwriter has the option to not accept it.
Even if you had a written agreement, you could always make written changes, up to your closing time as long as all parties agree in writing. Much will depend on housing values currently where you live. |
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Leo F
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Here is your problem. The purchase and sale agreement will have to state this. The appraiser always gets a copy of the PSA. His job is to appraiser the prop without any concessions. The appraiser MUST not include any concessions, gifts or down payment assistance in the value of the home. He must also state list price and sales price. If you try to get around this it would be conciderd Mtg fraud. The lender does not want to pay for costs that is not sucrued by the value of the home. I do not care what any RE agent tells you. If you try to kick back the closing costs after the closing then that would be Mtg fraud, max 30 years in prision and a $1,000,000 fine and once the docs are transfered accross state lines then it also becomes wire fraud. |
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gobonzzo
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You certainly can counter with $360,000 since they basically declined the prevous offer which included closing costs. It would then be up to them to accept the new offer. |
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pliw
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Stick to your original plan. Buyer to pay closing cost. If your neighbor really want your house, he or she will agree to your terms. |
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jameslankford
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you are saving much more than the $9,000 in closing costs on the not having to pay real estate commissions (5-6%)
Take it and be happy is my answer! |
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We are all screwed
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you can counter offer if you haven't accepted it yet and you should put in an expiration date on it.But if they are only approved for 360,000 it sounds like they are trying to get you to pay them without lowering the price. if they want it bad enough they will comply.You should get an agent it is sooooo much safer.you are playing with big money and if you mess up in the paperwork you could be liable for it. |
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glenn
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As long as your house will appraise and the buyer and seller agree I don't believe there is anything wrong with raising the price to cover the costs.
An FHA mortgage will only allow the buyer to pay certain costs so it leaves the seller to pay the rest. I don't know of a mortgage that absolutely does not allow the buyer to pay any costs- unless the buyer has to use all his available cash for the down payment and has none left. |
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Christopher B
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I am not sure what kind of financing they are using, but FHA allows the sellers to cash back 3% of the purchase price to the buyers to go towards closing costs, and if I remember correctly, another 3% to go towards a down payment. However, you have to be careful countering them a higher price and then inserting that contingency in their - especially if the bank already said it would not cover closing. Banks are not stupid, and will know that you are trying to get them to cover closing costs. If the banks are not involved in the deal yet, then you may be able to get it through.
Here is the other thing to consider - houses are not exactly flying off the shelves right now. If you have a buyer who is approved and has accepted an offer, then as the saying goes, a bird in hand is worth two in the bush.
P.S. There is no such thing as a loan which doesn't allow a buyer to pay closing costs. If a buyer can pay closing and put money down, there is not a bank in the world that would stop them. |
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Expert Realtor
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Yes, this is VERY common when a seller doesn't want to pay out of their profits to pay the closing costs, but it willing to negotiate them into the deal--however, that also means your home must appraise at that price.
Keep in mind that VERBAL AGREEMENTS in real estate are NOT legally binding...everyone needs, at minimum, their own attorney to handle the contracts.
They can walk away at any time, change their mind at any time, and there isn't anything you can do about it--b/c nothing you have is in writing.
This is what makes real estate law different from any other type of property law.
PS: FHA DOES NOT permit ANY of the sellers funds to go toward the downpayment....and they allow up to 6% seller concession. |
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