Home Buying in River Rouge>Question Details

Cutep, Home Buyer in River Rouge, MI

So how did this turn out???

Asked by Cutep, River Rouge, MI Mon Apr 11, 2011

Well Mr. John Walin
As of now we're waiting on a closing date. We were suppose to close this afternoon, but they haven't received the HUD yet and they don't know the exact dollar amount for closing. My husband and I purchased a property from a realty company on a land contract and we didn't have to pay any closing cost or taxes at the time just a down payment. We paid our property taxes once they came out. If an agent wants you to offer all the money you have and said "there are no other fees at closing". Would you trust that or not? I thought he had our best interest at heart. It's the dishonesty that I don't understand. If I tell an agent that I have $5000 and the property is $2500 and I want to offer $3000 why would you tell me to go the whole $5000 if I explain that's all I have and I asked about closing cost, water and taxes. Now that I don't have money for closing and you(agent) offer no assistant as far as extending closing date or anything. He just tell us to"JUST WALK AWAY".

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Answers

1
First, talk to the agent's broker. Explain the situation. Maybe the broker can suggest something.

Second, if (in the role of a buyer) an agent ever told me "there are no other fees at closing," I'd respond: "That's great. Let's put that in writing. Such as: 'Agent states that buyer shall pay no fees at closing. Any fees due shall be paid by agent.'"

Third, why DID the agent tell you to offer substantially more than the listing price? I expect it's because he suggested that the listing price was artificially low in order to generate offers. And maybe that's correct. But in your example, there was a big spread between the listing price and what you had/what you offered. Unless it was an absolute steal at the higher number, I'd probably have held something back--either for unexpected costs (such as you ran into) or in case the bank came back demanding a "best and final" offer.

Good luck.
0 votes Thank Flag Link Mon Apr 11, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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