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What do you do when you are currently renting a home, and the buyer is willing to sell you that home however, the seller is not willing to incur closing cost, broker's commission or any other fees involved with selling the home? In fact, the seller does not wish to even deal with a real estate broker at all to make the sale.
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Unfortunately, if a seller is unwilling to pay any closing costs (above his own transfer fee costs) then there is nothing that you can do about it. When you first started to rent this home and your agreement would have been a Lease Purchase, you most likely would have been charged a sizable deposit and an additional amount per month above the normal rent amount. Would you have been able to pay this additional amount of money at that time? If so, consider those amounts as the needed amount for closing costs at this time. I'm assuming that your rental agreement currently involves a Broker, hence the need to include a Broker's fee into the equation. If no Broker is involved, you can deal directly with a closing attorney and eliminate the Broker's fee. However, you will not be able to benefit from the knowledge and advice of an experienced real estate agent. I strongly suggest that you contact a loan expert about your situation to get a good idea of the actual closing costs. Then you will be able to determine if purchasing this home is feasible for you at this time. Best of luck to you!
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