What you explained it’s going to help me on the sale of my house in Nassau County, NY. Thank you so very much.
@ProbateandTrustHelp
Жыл бұрын
I'm glad it was helpful, good luck with the sale of your house!
@rearcars
Жыл бұрын
If you add $25,000 doesn't the home need to appraise for that extra amount. I also heard you can't use the funds for downpayment only repairs and closing expenses.
@ProbateandTrustHelp
Жыл бұрын
I assume you are referring to a situation where the purchase contract reads that the seller is paying up to $25,000 towards the buyer’s closing costs. And, yes, if the purchase price was increased to cover the $25,000 then the home would need to appraise for that amount. Again, in most cases, seller paid funds is towards the buyer’s closing costs and typically doesn’t go towards the buyers down payment, just recurring and nonrecurring closing costs. Hope this helps!
@lanieduncan4446
5 ай бұрын
Sounds to me your buyer is getting in over their head financially that had to roll in more they don't have to start with
@ProbateandTrustHelp
5 ай бұрын
Hi Lanie, buying/selling a home is all about negotiations. If a buyer or seller doesn't make requests for a better contract through out the transaction I would say their agent isn't doing there job. Concessions are a part of these negotiations and should be considered. A good real estate agent will always consider ways to help their client get the best terms and price for their exact circumstance. Thank you for watching and commenting!
@the2headedrealtorshomesmar208
Ай бұрын
If the seller still owes on the mortgage prior to the sale they may not be too keen paying out the concession from the amount they get from the sale. And if the buyer understand that and really want the house, paying the 25k maybe their best bet. But @lanieduncan4446, you are absolutely correct, that does put a financial burden on the buyer, so things like will they be getting a raise soon from their job, or are they anticipating a new source of income are important questions to ask your buyer. Analyzing their debt to income ratio is a good indicator as well to see if they will be able to bare that extra weight of 25k. But some agents when they see that sale so close by they'll let the buyer walk into blind traps to close that sale and go to vacation.
Пікірлер: 8