or is she trying to get more money out of me
2006-12-22 06:19:23 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No that is absolutely untrue. The loan amount doesnt matter. During a purchase transaction all closing costs are paid by the borrower minus whatever contribution the seller is giving. I know that it may seem like a lot but it doest have to be...You can find a seller who is willing to take care of almost closing costs for you depending on the area that your in.
Shoot me an email if you are interested in any more purchase information. I am a loan officer and have been one for four years.
2006-12-22 06:24:04 · answer #1 · answered by shanstew 3 · 1⤊ 0⤋
I'm assuming that you're buying a property the way you phrased your question.
Lets run through a typical real estate transaction assuming you will be closing on December 31, 2006.
Sales Price $100,000
Down Payment 10% $10,000
Loan Amount $90,000
Closing Costs $3,000
Total Cost of Transaction = Sales Price + Closing Costs $103,000
Total Credit = Down payment + Loan = $100,000
Difference = $3,000 - out of pocket cost in addition to your down payment.
So what your realtor is in essence trying to tell you is that unless you have the extra money to pay for the closing costs, you should roll the closing costs into the loan. How? By borrowing a little more than what you need.
What i've done is simplifed the HUD for you.
Good Luck
2006-12-22 07:16:44 · answer #2 · answered by El_Nimo 3 · 0⤊ 0⤋
He should... But you know what. You may want to contact your divorce lawyer again. This may get pretty difficult. I'm very surprised they finalized the divorce knowing there was a house in both your names. That seems fishy but I'm sure those things vary from state to state. Yet it's very odd the courts didn't see this. A house is a huge deal to the courts. Bigger then a car or student loans. You will have to "Buy" him out of the house. A lawyer can explain all that to you! You also have to understand if you refi, are you able to take care of this mortgage on your own? It's difficult to get his name off the mortgage now days! I really think you need to contact a lawyer. They can give you better advice then any of us can on yahoo answers. There are so many difficult angles to this whole house with a divorce thing.
2016-05-23 16:16:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
1st off, that is a loan question, not a realtor question...in any real estate transaction you should have a lawyer, seperate and distinct from your realtor, to double check his work and protect your intrests. If you need to ask that question your realtor sucks...if you can't trust him don't use him, he is getting a 2 to 3% commision on the sale...don't be afraid to make him work for it.
2006-12-22 06:29:47 · answer #4 · answered by Doctor J. 3 · 0⤊ 0⤋
Closing costs are always negotiable. Do you have a real estate lawyer involved? If not, a telephone call at the very least may be in order.
2006-12-22 06:22:39 · answer #5 · answered by ShouldIStayorGo 2 · 0⤊ 0⤋
Ridiculous. Have him explain in detail. You may be missing something.
2006-12-22 06:56:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋