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Alexis | I am selling my home and have a question on paying the buyer closing costs? |
The market is horrific right now so as a small bonus I decided to pay HALF of the buyer's closing costs and I've already knocked off $25,000 for the buyer. I really think the buyer is trying to take advantage of me. The reason I feel this, because she is telling me to just pay her 3% of the cost of the home and that should take care of her closing cots but my thoughts are how would she know so soon what her closing costs will be when we haven't even gotten to the purchase agreement yet and the deal haven't even made it to the closing table. She is trying to get this 3% in writing, in the offer, but my point is how would she know that 3% of the cost of my home is going to equally cover her closing costs. If I give her 3% that could pay the closing costs and more. I am only interested in paying half her closing costs. How would I do this without being burned? How and when would I know the real cost of her closings costs so I can accurately pay that amount without going over? |
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financing_loans
|
Oh everybody is giving you a simple answer to a very complex question.
She says just make it 3%. It shouldnt be that high. The other people are right she cant really make cash out of it. She could increase the discount price to get a better interest rate. Or she cold say to the mortgage broker close on this day so I dont have a payment for 60 days.
There is actually alot you could do wiht 3%. If 3% is half the closing cost. Im trying to figure out how the borrower could have 6% in closing cost.
Even with a 1% origination fee I would probably never hit 3% in closing cost on any loan. So if you are paying half it should be around 1.2-1.5% on all loans.
Write a letter saying I will pay half of these cost and these costs only. 1% origination fee, appraisal, and lenders fees, lenders fees are up to standard lender fees not including discount fees or prepayment fees. Standard lenders fees not to exceed 1000 dollars (that will be plenty), Taxes and Hazard insurance, and interm interest and any money put into a reserve account. These fees are not considered closing costs.
That will put you at around 1.5-1.8% tops. Since you are paying half that puts you at .75 or .9% that you owe.
There is no way in hell she needs 6% for closing costs. Give her a set number. I would pick around 1.75% if you are paying half. That gives her 3.5% in closing costs. If she is paying anything over 3% to close a home its a benefit to them, and you shouldnt be paying. I think 1.75% is very generous for half.
If she doesnt like that. Ask for cost for title, appraisal, lenders fees.
I agree with you, you are totally getting screwed if 3% is half the closing costs. You can email me if you want me to review the HUD's. I will tell you exactly what it costs. Actually not a bad idea, have a third party (not me like and attorney) say what is half. Its not hard, but it wont be close to 3%. Unless its a total benefit tot he borrower, in that case you shouldnt pay for it.
My pick is 1.75% and im being extremely nice because honestly half should be around 1.375%. Unless the lender is totally screwing her. And that includes reserves.
I dont even know how its possible to charge 6%. Im adding up the fees. It would have to be a section 32 mortgage to get that high. So the point is either she is getting screwed or you are. I wouldnt pay over 1.75....
Just go ahead and print this and hand it to them. Or to their loan officer. |
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mscarriem
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She cant get money from the transaction, you could state you will pay all non reoccuring closing costs not to exceed 3% of the sale price, and this way you will not get burned. remember the non reoccuring closing costs can be points she is paying on the loan, so that is how she can know that 3% will do it |
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mazziatplay
 |
If she is only putting down 5% you are only allowed to pay 3% of the sales price towards her closing costs. She knows how much she is able to put down and if she has talked to alender was probably so advised. |
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glenn
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In the standard Texas contract it has a blank that says the seller agrees to pay up to _____ (put in an amount of money or a percentage) toward the buyers closing costs. This can be used by the buyer to pay loan fees, title company fees, set up escrow accounts with the mortgage company, pay homeowners insurance or property taxes.
She can spend the 3% believe me. I would say up to and put in a dollar amount you would be willing to pay. And if you don't want to pay-don't agree to pay. Have the guts to say no if you just want to say no. Don't say yes and fume about it. |
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mateomortgage.com
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I would ask for a copy of the Good Faith Estimate she received from the lender she is getting the loan from. Even though it is just an estimate is should be pretty close to what the actual costs are for the home purchase. This way you can see what costs are going to be covered and if there is really 3.0% needed to pay her costs. |
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Alterfemego
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What you could is write into the purchase agreement that "seller is paying 3% of purchase price to buyers closing costs not to exceed $ ???" So if she offers you as an example $100,000, 3% would be $3,000. Now what happens at closing, if the total closing costs aren't the full $3000, then you aren't charged for it. Understand? I hope I haven't totally confused you. The right way to do it is to write it into the contract. Everything you agree to should be in writing! Everything! If you plan to leave the drapes, state it, same with appliances etc. |
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yourmtgbanker
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It sounds like she has a preapproval from her mortgage company that has told her what % she can ask the seller to pay in closing. Some loan programs will only let the seller pay up to 3% of closing costs/prepaids while others will allow up to 6%. The 3% figure she is asking is a standard figure. Don't forget that closing costs/prepaids can also pay for homeowners insurance, prepaid interest, and property tax reserves. If her fees are less than 3% she cannot get the rest from you. All the closing fees have to be itemized on the HUD closing stmt and a buyer is not allowed to get money back in the transaction. |
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daeve930
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Your contract should specify exactly what you want to do. You can say you'll pay half of the buyer's closing costs up to a specified dollar amount or up to 3% of the purchase price. Or almost anything else you both agreed to do, as long as it doesn't violate either the lender's or FNMA's regulations. FNMA limits the amount of closing costs the seller can pay based on the loan-to-value ratio. And the buyer cannot walk away from a purchase transaction with cash.
Depending on where you live -- and if you can tell from these questions, I don't know how -- the closing costs can be quite high. The costs in Texas are no where near what you'll pay in New York. Some fees are fixed, no matter what the purchase price is, and some are based on the loan amount.
Do you have a real estate agent? This is where they come in handy. They already know what's customary in your area, whether you need to lower the price and/or pay closing costs. If your agent isn't helpful, talk to the agent's broker. |
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pyelder
 |
make sure you have an attorney to draft or review the sales contract and review closing documents and/or attend the closing. Her estimate may be close, but the actual closing costs will be determined at settlement. |
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