Profile picture for baby143

If I ask for 3.5% for closing cost assistance and selling agent said no what do i do?

In my first initail offer I asked for 3.5% in closing assistance and the selling agent said no they (owner) would not help.  This home is part of the homepath.  As for 04/01/2011 and 06/40/2011 there is a 3.5% incentive that goes toward closing to help buyer.  I would like to take advantage of this opportunity but the selling agent kept saying no.  I am in escrow and getting closer to my deadline. I called selling agent she told me we had to ask for it in initial offer, I told her we did. But then she began giving me attitude.  What do I do? Who do I contact to help my take advantage of the 3.5% Incentive.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2011 - Indio
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (12)

Are you sure, your agent did not tell you that if you request 3.5% it will lower your offer.
Remember the banks will take offer that nets them the most. If you really wanted this house it might be the best statergy your agent could use.
So if you feel you were treated unethically I suggest you speak with your agents Broker or manager of his company.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2011
"contact an attorney" for what? the posters contract doesn't say 3.5% for closing cost help, so they don't get it. 

the homepath "3.5% for closing cost help" is BS propaganda. First off, you can ask for closing cost help on ANY offer from ANY seller, so they aren't doing anything special. Second, they subtract it before comparing it to other offers. 

So, if you offer $100K with 3.5% closing cost help, your offer is comparing at $96.5K, the net amount the seller is receiving. If another buyer offers $97K without the assistance, their offer is higher than yours. 

It is a bunch of nonsense. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2011
We are in the process of doing a Homepath property and the seller is gladly paying 3.5% of purchase price towards buyer's closing costs. Also, did you write the 3.5% incentive in your offer? Next step, contact and your real estate attorney.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2011
If the HomePath closing cost incentive was not available when you first requested for 3.5% closing cost be paid by the seller.....which is Fannie Mae HomePath, and they did not accept it, you are out of luck.  They will not go back and offer you closing cost assistance after already executing the contract.....nice huh?

You could have used the CalHFA CHDAP 3% down payment/closing cost assistance program or the Riverside County down payment assistance program.......but they don't work with the HomePath loan program.

Did your lender explain all of these options to you?  There are others as well....like the CHF ACCESS and CHF Platinum assistance programs.  

I have found most lenders/loan officers will not explain all the options to home buyers because they cannot offer most of them....so they hope you don't find out about all your options....sad but true. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 13 2011
When did you execute the current contract you have? 

Like previously stated on here, you just don't go back and change contracts real easy on these foreclosures.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
Yes, it would have had to be written in the offer and accepted as concession and close by June 30th. If you can't get it straightened out and are short on funds, you can switch financing to FHA CHF Access which allows  a 2nd mortgage finance of 3% towards either down payment or closing costs. Although, since HomePath doesn't require an appraisal, FHA CHF Access does and it would take me 2-3 weeks to close escrow if you have escrow and title...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 29 2011
pull your contract, bank approval and escrow instructions and make sure you wrote the concessions in it... find the email that you mandated your agent to write it that way.. then go and see your agents managing broker... she had a fudicary to present the contract correctly, or may end up paying their commissiion to you for closing... you need to find out where the ball dropped...

Homepath is a great program, but you had to ask to receive... she can try and go back again... makkes here look bad but oh well... I had a selling agnet for get to ask on one of my short sales (I was the listing agent) and 1/2 way through I went back in and asked they paid.. better than starting over with a new buyer or new contract and waiting another 30-45 days to close again...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
If the seller says no, I would submit a spreadsheet showing that the bottom line would be the same as a slightly lower offer with no seller assist.   Then I would point out the added cost of holding onto the home and what the monthly cost would be if they didn't accept the offer.   In other words point out the cost of waiting.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 26 2011
Profile picture for Pasadenan
It sounds as if there is confusion between a seller concession, and a funding incentive offered by Fannie Mae.  If you are talking about "home path", than the agent is correct to state "the seller won't help".

Read the link Rudi provided and make sure the paperwork was properly filed.  You loan officer should be able to assist you also.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2011

There are definitely "Special Offers" available through HomePath such as Renovation Mortgage Financing, $1,000 selling agent bonus, and the up to 3.5% closing cost on a primary residence purchase. 

If your agent, (the buyer's agent or dual agent-representing the you and the seller) included the 3.5% in the initial offer on or after April 11, 2011 and you close before June 30, 2011 then you are be eligible to recieve up to 3.5% toward your closing cost.

You should review your Residential Purchase Agreement to see if the 3.5% is included.  If it's not, then have a conversation with your agents broker. If your agent is representing you and the seller, then also go to the HomePath.com website and make them aware of your situation.

I hope this helps.  Good Luck. 

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2011
You are entitled to up to 3.5% on selected properties.
http://www.homepath.com/incentive/index.html

Happy funding, Rudi
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2011

You should get your agent involved if they will not work with you get your agents broker involved. I would also review the contract that you signed an submitted.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 25 2011
 
Related Questions
If I ask for 3.5% for closing cost assistance and selling agent said no what do i do?
Profile picture for Angie Diaz & Mike Stastka
Latest answer by Angie Diaz & Mike Stastka
July 14 2011 | 12 answers
What is a zestimate?
Profile picture for rockinblu
Latest answer by rockinblu
February 01 2011 | 1 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 78302 Talking Rock Turn, La Quinta, CA Home For Sale
    78302 Talking Rock Turn, La Quinta, CA 92253

     For Sale: $4,995,000

    • Beds: 4
    • Sqft: 7642
    • Baths: 6.0
    • Lot: 29185
  2. 49840 Mission Dr W, La Quinta, CA Home For Sale
    49840 Mission Dr W, La Quinta, CA 92253

     For Sale: $895,000

    • Beds: 3
    • Sqft: 2635
    • Baths: 4.0
    • Lot: 9583
  3. 430 Gold Canyon Dr, Palm Desert, CA Home For Sale
    430 Gold Canyon Dr, Palm Desert, CA 92211

     For Sale: $749,000

    • Beds: 3
    • Sqft: 2742
    • Baths: 4.0
    • Lot: 7840