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Answers (7)
Best Answer
- wetdawgs
- Contributions:26693
Your purchase price would be $240 k, not $240 k plus 3%.
Yes, you would be financing your closing costs. My humble opinion is to deal with these straight from your pocket, therefore, make an offer with that in mind.
Yes, you would be financing your closing costs. My humble opinion is to deal with these straight from your pocket, therefore, make an offer with that in mind.
- Richard Ho, "Richard Ho"
- Contributions:77
From my reading of the Ad; the seller is crediting you 3% of the offering price to non recurring closing cost (NRCC) and your loan should based on $240K purchase price while the closing cost is covered by the seller up to 3%. The seller will net 3% less on the balance sheet.
- Lisa Reeves, "Lisa Reeves"
- Contributions:191
$240,000 is the asking purchase price and 3% in seller concessions is being offered as part of the purchase price. You do not have to offer the total $240,000. You also do not have to request the 3% or limit yourself to the 3%. If you do FHA or put 20% down you may be able to finance upto 6% in closing costs and prepaids and negotiate it in your purchase price.
Your taxable value is based upon an average price point in the area and your purchase price will have influence but does not determine in whole your taxable value. Check with the local property appraisers office if you have questions on your taxable value and get homestead to reduce your tax liability by anywhere from 700-900 per year.
On average offers are being made at about 95% of listed price so the realtor is not being influenced by additional commission with financed closing costs - it is marketing tool by sellers to get their house sold in a buyers market.
Your taxable value is based upon an average price point in the area and your purchase price will have influence but does not determine in whole your taxable value. Check with the local property appraisers office if you have questions on your taxable value and get homestead to reduce your tax liability by anywhere from 700-900 per year.
On average offers are being made at about 95% of listed price so the realtor is not being influenced by additional commission with financed closing costs - it is marketing tool by sellers to get their house sold in a buyers market.
- Georgia New Homes
- Contributions:68
The way I read the ad is that you will receive 3% of the sales price toward your closing costs; this may be based on a full price offer. However, only real negotiations will reveal what the seller is willing to do.
- qbantek
- Contributions:28
Thanks for your help, but they do not answer my question.
I'll give you an specific ad 9661 SW 9th Ct Pembroke Pines FL 33025 .
What do you read in there ? Will my loan be for $240k or $240k + 3% towards my closing costs?
I'll give you an specific ad 9661 SW 9th Ct Pembroke Pines FL 33025 .
What do you read in there ? Will my loan be for $240k or $240k + 3% towards my closing costs?
- CORONA NICK
- Contributions:2218
You can offer 232,000 with no closing costs if you have the cash.
- Rosie Smith, "Ladysmitty"
- Contributions:249
HI!
First off, You and the seller have to come to a agreement on price. If the seller if willing to contibute $7,200 towards any of your pre-paids and closing costs that is great.. Remember the seller's agent must be specific to his seller in explaining to him that you will be borrowing $240,000 with the seller giving back to you $7,200 towards your pre-paids and closing costs. This means the seller in all reality will recieve
232,800.00 for his house.. But you are financing your closing costs.
How this should read in additional provisions in the contacts is like so.
Sale Price $ 240,000. with the seller contibuting $7,200 towards buyers pre-paids and closing costs. Hope I could be of help. and anwered your question.
Seller concession?
a. The seller expects me to ask a loan for $240 - whatever down payment and they will receive only ~$232800 because they will apply ~$7200 towards my closing costs. OR
b. The seller expects me to ask a loan for $240k + 3% - whatever down payment and they will keep the $240k and let me use the 3% towards my closing cost?
In case a) I would be asking for a smaller loan, purchase price will smaller, etc. Case b) it just sounds like I am financing my closing costs and the RE agents are getting a slightly higher commission because the purchase price went up (and so my taxes).
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