Home Buying in Bellerose>Question Details

Skat28, Home Buyer in Queens, NY

Hi. We are looking to close on a property located in Queens, NY next week. The purchase price is $382,500.

Asked by Skat28, Queens, NY Sun Apr 24, 2011

We have put $18,500 deposit at contract signing and there is a remainder of $625 which we owe the seller towards the total 5% down payment. An attorney friend of ours is telling us that it is possible to get minor adjustments in purchase price at closing. Is this common for real estate closings? (Note: We incurred expenses to get the property cleared for appraisal of around $500--seller who is a real estate investor did not pay for these items).

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5
Ian A. Wolf, ABR SFR’s answer
BEST ANSWER
It is not uncommon for closing table adjustments. However, there are a lot of variables, laws, and circumstances that come into play. The biggest are the RESPA laws which as of a year ago greatly limited these kind of adjustments at closing. And, your lender may not allow an adjustment of that nature at the closing table also. Talk to your Realtor, Lender, and Atorney and see if between them all they can put together a strategy that might legally and ethically get you something.

Hope that helps.
1 vote Thank Flag Link Sun Apr 24, 2011
Regarding costs to clear for appraisal...is this the arrangement in the contract? For sure the advice you have already been giving regarding speaking with your own real estate attorney is the best advice you can have. He/she is the one to discuss this with.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Apr 24, 2011
Keep in mind that opinions are just that, however, your contract will be more revealing.....
0 votes Thank Flag Link Sun Apr 24, 2011
Will surely ask my own attorney. I am just seeking outside opinions.

-skat28
0 votes Thank Flag Link Sun Apr 24, 2011
Not sure why your attorney friend would be advising you, especially if he/she is not handling the deal...rather ask the attorney who is handling your deal the question.....
0 votes Thank Flag Link Sun Apr 24, 2011
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