I did a purchase agreement for $ 50,000. To include closing cost. The bank approved this amount.?

Question

The seller has came back after his real asking price of $49,000. Says yes he will pay the closing cost if I will pay 53,000 for the house. He says the house should appraise for the 53 amount. Do I go to the bank and tell this and see if they will up my loan or do I shop eles where for a house. My agent said go ahead with offer. It would only change my payment $6 a month. I'm thinking of the 30 years here.

Answer 1

If you like the house and its a good deal then go through with it..........if not, go elsewhere.........

After I read that again I say tell the seller its 50,000 + closing or nothing....if you agreed to 50 then the seller should not change it..........tell him 50 or you will find a house somewhere else......if he wants to sell it bad enough he will take it.

Answer 2

It relies upon on the contract. the place i'm from the shopper states their financing contingency intimately, which is composed of ways plenty is to be positioned down on the valuables and the optimal activity fee they are going to pay. in case you probably did an analogous, then opted to alter your borrowing approach, you're to blame of fixing the contract first which opens the door for the supplier to do an analogous. If no longer, the supplier could desire to abide with the help of the unique contract, assuming your ultimate date did no longer exceed the unique length of the acquisition contract. The realtor is in all probability performing as a twin agent which means he/she is representing you as much as they are representing the supplier, in this occasion my suggestion is to crack the whip on the realtor to sparkling up the undertaking on your behalf. you're able to be able to could desire to touch the realtor's boss (crucial broking service) to get the right service you're due. the stable information is that if the supplier does not concede and bypass by using with the sale, you may sue the supplier for super money for their breach of contract,

Answer 3

It will change your payment ALOT more than $6.00 per month.

The agent is also a poor one...they seller didn't give you anything...YOU are paying for the closing cost because the seller UPPED the price of the home.

In essence, you got nothing.

I would reject the offer (unless you have fallen in love with the house), and NOT ONLY shop for another house, but another agent that won't hand you hogwash such as your payment on $4,000 will only cost you $6.00 a month and that you got a good offer.

It's not a deal I would recommend, as a Realtor.

PS: The maximum seller concession would be around $3,000 per month or just a couple hundred over...banks have a strict limit of 6% OR LESS...I have never seen one allow for more. That is another indicator that you have an inexperienced Realtor...everyone that has worked in real estate for any length of time knows that.

Answer 4

First off, if the home is worth it to you, sign on the dotted line and accept their counter offer. The bank does not have to approve it at this point. You need to get it under contract and then work towards your conditions.

If the bank later says that they will not approve the loan, you can cancel out of the contract - just make sure your Realtor keeps an eye on the Loan Approval Deadline.

If you think the home is worth only $50,000, then you go back to the Seller with your original offer and say that's all you'll pay. He/she can take it or leave it. It is a buyers market in many parts of the country, and if the seller really wants the home gone, he/she will accept it. If the person cannot accept that amount, keep looking.

Best of luck to you!

Answer 5

seller is not allowed to pay certain closing costs - mortgage company won't even allow it - just go with the original deal - I think he wants the money for something else

Answer 6

It all depends on how badly you want this particular house and how badly the seller wants to sell.

To me, 50 grand is 50 grand. It's what you agreed on, so tell him "Take it or leave it, mr seller." Your realtor says do it because that three grand adds money to his pocket (not much but some) and he doesn't want to see his commission slip away.

The numbers you are working with are flawed, btw. 12*6=72 and 72*30 = 2160 which is not even close to 3,000 not to mention the fact that this will have interest added to it.

Answer 7

If the seller already signed the purchase contract, then the deal is done. If he is contesting it, I would seek an attorney's advice.

If the seller has not signed, then you need to determine if this is the house you really want and that the price change does not matter enough to you to warrant backing out of the deal.

Answer 8

might be real hard to do. The mortgage market is real tough without showing that you put hard money into the transaction.

Answer 9

The sellers can pay as much as 3% of the closing costs if you're not making a downpayment. That's $1500 of closing costs on a $50000 loan. Depending on the lender -- is there an origination fee or points -- this may not be enough. Ask the lender how to set this up. What we would do would be say the seller can pay 3%, period. If you're making a downpayment, that percentage could be different.

Answer 10

People are doing this all the time today, but make sure it will appraise out. That's the hard part in our current market. Your bank should be fine with this as long as it's all known up front. I've done many appraisals for loans of this sort. Buyers don't have as much liquid money right now and a few extra bucks for closing costs could really put a hurt on them, so sellers are working with them to differ costs.

Answer 11

huh?