The buyer neither has all the cards, nor am I paying ALL his closing costs indiscriminately. Let me clarify to some who may have misread my previous statements. Nothing changed. I offered to pay a very well defined set of closing costs based on hard numbers that included both the buyer's and seller's escrow, title insurance, transfer tax, appraisal, home and termite inspection. Not "normal?" Unorthodox? Also very cost effective. I also select the people for those jobs and that means I they are working for me, not the buyer. I gave up zero control of those items.
Second, I offered to pay a defined amount toward the buyer's loan origination, a set dollar figure, based on estimates obtained from FOUR mortgage lenders, using the information the buyer provided. If he didn't tell the whole truth on the information he provided, that is not my problem. The buyer is free to choose any loan product, just not at my expense. If he can work with what is written into the deal, great.
Based on the reaction here to the loan specifics, I offered to pay some but not nearly all of those fees. Again, it was a set dollar figure, not a blank check. And the BUYER is left to decide how much he wants that particular loan. The excess is out of his pocket, not the net.
Doing the math, I offered to pay a grand total 2.08% of the purchase price. That is the contract I offered. The deadline is the close of business today.... more
Do yourself a favor and hire someone local. There is no way that an agent from 40 miles away can know as much about the neighborhood, local market, amenities that the community offers, etc. You want the best service possible right?
Coldwell Banker Star Realty
BRE LIc #01456982... more
There is one other reason why your realtor wants to go less...REO's have arrived recently in your market area. You must compete with them. The beauty of this is that banks purposely low ball their own listings to get a frenzy of offers which come out in the end to 105-110% of list price and that is where you get your victory. Remeber it is just a figure subject to negotiation.... more
It is especially important in the current market to set the price correctly and to prepare your home for "show". There is a large inventory of homes available in every price range, the buyers are comparison shopping. The "best" homes at the right price are the ones that are attracting the qualified buyers.
Just to let you know I am also a State Licensed Real Estate Appraiser since 1988, I specialize in evaluating square footage or permitted areas which directly affect the value. In addition to my Real estate duties I provide these services also which you can check out on my website ( www.centuryside.com )
David Krecker, BSBA, SRA, MRA
Centuryside Real Estate Inc.
Broker/Owner/State License Appraiser
Serving the areas of Orange County, Los Angeles County, San Bernardino, and Riverside.
Website: www.centuryside.com... more