2007-06-24 05:01:15 · 5 answers · asked by monique w 1 in Business & Finance ➔ Renting & Real Estate
The buyer will traditionally pay a mortgage broker fee on his/her closing cost side. This can come in the way of "loan origination" and/or "processing" fees.
However in this market it is not unusual to see sellers paying for much or all of a buyer's closing costs (+-3% of sale price).
The mortgage broker fee is not to be confused with the real estate broker fee.....which is almost always paid by the seller exclusively. I hope all of this helps a bit!
2007-06-24 06:29:28 · answer #1 · answered by R.E. Advice 3 · 0⤊ 0⤋
They are paid by the buyer and the bank. The buyer will pay loan fees so they make a little and the interest rate is slightly higher to make them some money from the bank.
2007-06-24 05:05:55 · answer #2 · answered by shipwreck 7 · 0⤊ 0⤋
Usually the seller has payed the fees at the close of escrow.
Step #1. Buyer puts money into escrow.
Step #2. Escrow holds all money until terms of contract are fulfilled.
Step #3. Upon close of escrow buyer gets property. Seller gets remaining money in escrow after the escrow fees have been paid.
Escrow fees are sometimes divided 1/2 to buyer & 1/2 to seller. Terms of contract are worked out at the signing of contract, but may be modified during escrow.
2007-06-24 05:14:05 · answer #3 · answered by beesting 6 · 0⤊ 2⤋
Usually the seller pays, however I have sold 2 houses where the buyer paid all fees, including the broker fees.
2007-06-24 05:10:17 · answer #4 · answered by porkchop50171 2 · 0⤊ 3⤋
the MBF is normally pd by the buyer, but in banks cases, they may even waive it, in other cases with your REB they may negotiate with the seller to assist in the fees necessary to keep the sale alive with the buyer.
do a Monty hall and make a deal that's good for you....
2007-06-24 06:05:10 · answer #5 · answered by ticketoride04 5 · 0⤊ 1⤋