Home Buying in Charlotte>Question Details

85liveguy, Home Buyer in Charlotte, NC

I am thinking about making an offer on a home but my Realtor has not been clear on this..Offering 88,000, with 3,000 going where?

Asked by 85liveguy, Charlotte, NC Mon Apr 22, 2013

I am not sure if this is the downpayment or what because this is a FHA loan. I have set aside Earnest Money and Due Diligence, Inspection, Apprasial, etc.

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Kendall Scoville’s answer
I not certain i understand the question. If you are paying the 3000 along with the offer, then it is most likely the Earnest Money. However, your Realtor should really be explaining this to you.
0 votes Thank Flag Link Tue Apr 23, 2013

Based on the way you have that written I would say that the $3000 is going toward covering your closing costs. The agent is probably asking the seller for a sale price of $88000 and $3000 closing cost assistance. However; the agent should have been upfront with you and explained everything to you.

This is the largest purchase you are going to make in your lifetime. It is imperative that your agent explain everything in detail to you and make sure that is what you want. becuase if you have the money to cover your closing costs in addition to the down payment; you can ask for less on the price.

You should know from your lender how much you would need approximately to close with down payment and all closing -osts. Based on that number see how much you have and what you miht need and add a little to that to give you some wiggle room.

but this is a conversation you and your agent need to have. Your agent works for you; if you do not understand something do not be afraid to ask him/her questions.

Dave diCecco
Coldwell Banker United-
0 votes Thank Flag Link Mon Apr 22, 2013
Buying a home is one of the biggest, most important purchases someone makes in their lives. It is extremely important that you know what your Purchase Offer says! The realtor you hired is working for you. If you don't understand what they are saying, don't be afraid to ask them to explain what they are recommending. Buying a home can be complicated and you want to make sure you have all the facts before you move forward. You won't be the first one to be confused...just ask your realtor to explain it again until you feel comfortable with what they are saying. If they aren't capable of making things clear to you, then it may be time for a new Realtor...

Best of luck!

Tracy Clay
Wilkinson & Associates
0 votes Thank Flag Link Mon Apr 22, 2013
It is extremely important your agent and yourself are on the same page. Buying a home is one of the biggest investments you can make. Nothing should be left as a question.
0 votes Thank Flag Link Mon Apr 22, 2013
The $3,000 is most likely closing costs you are asking for from the seller as that is too much money for earnest money on an $88,000 house. Of course, I can not be sure of that as I do not have all of the information. A lot of first time buyers like you are easily confused with everything involved in purchasing a house. Please contact your agent and emphasize that you do not understand everything and I am sure he or she will be happy to answer all of your questions!

Good luck with buying a home!

April Crowder
Coldwell Banker United, REALTORS
0 votes Thank Flag Link Mon Apr 22, 2013
You do need to have a frank conversation with your Realtor! The $3000 might be the amount that you are asking the seller to pay on your behalf for your closing costs. Just ask! You should NEVER sign a contract until you understand exactly what you are signing and why. Your Realtor is employed by you - not the other way around! Best success!
0 votes Thank Flag Link Mon Apr 22, 2013
Good afternoon! These are certainly questions you need to ask your Realtor. If they are unresponsive, they are in breach of their agency agreement and can be fired. Thd fact that you feel like you need to ask these questions on Trulia, though, is not a good sign!

Michael Bowman
Benham Real Estate Group
0 votes Thank Flag Link Mon Apr 22, 2013
Good afternoon, 85LiveGuy.
If you have not signed an agency agreement, you might want to interview a few other agents. You should have a Realtor who can explain things fully and to your satisfaction so you have an excellent clear understanding of all aspects of your real estate transaction. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Mon Apr 22, 2013
It could be your earnest money deposit (which you might be thinking of as a down payment). It's possible they were suggesting you request $3000 in closing cost assistance.

I would suggest simply asking your Realtor to explain things to you, there's absolutely nothing wrong with asking questions, it's their job to make certain you do understand what it is your signing.
0 votes Thank Flag Link Mon Apr 22, 2013
The relationship between a Buyer and the Realtor is really really important. No different then that of a borrower and Mortgage Lender. If you are not clear, please call your Agent or by all means find another Agent who will take the time and go over every detail so you understand and feel comfortable about moving forward.

Best of Luck!
0 votes Thank Flag Link Mon Apr 22, 2013
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