Home Buying in 75034>Question Details

Lisa.deeben, Home Seller in Leesburg, VA

We are selling our home in Virginia, and we have an offer from a couple with an fha, and the agent tells us we're required to pay 3.5% .

Asked by Lisa.deeben, Leesburg, VA Fri Oct 12, 2012

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Is this agent who is telling you this information representing you or the buyer? As a seller you can contribute up to a certain amount. Real Estate is negotiable, Please ask for clarification from the agent who is representing you, the Seller.

Kathy Hines/Broker
Keller Williams Dallas Preston
0 votes Thank Flag Link Wed Dec 26, 2012
The 3.5% is the amount required as downpayment from the buyer. You can contribute up to 6% towards closing costs. Ask your Agent to clarify this statement and if he/she can't, call me.
Web Reference: http://www.ohliggroup.com
0 votes Thank Flag Link Fri Oct 12, 2012
Are you selling your home on your own as FSBO or through a broker?
And if through a broker, is the broker a Full Service Broker or a Limited Service Broker?

I cannot even imagine an agent affiliated with a Full Service Broker telling you that Seller MUST pay downpayment for FHA loan buyers or even this one particular buyer that put an offer on your home - IF it was true, it would be an entirely another can of worms, wouldn't it?

If your home is listed with a Limited Service Broker, well, as the saying goes: "you get what you pay for."

If you are selling as FSBO, are you sure the Buyer Agent did not mean that you, the Seller, need to pay 3.5% professional fee to the Selling Broker representing the Buyer?

Could you clarify the 3.5%?
0 votes Thank Flag Link Fri Oct 12, 2012
Are you sure your not confused here ? Buyer 3.5% as down payment or more not the seller ? I ask for clarity from your agent

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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0 votes Thank Flag Link Fri Oct 12, 2012
In Texas the buyer must have 3.5% down, not sure how other states are. You may want the verify with a reputable lender aout that. You can, if agreed, contribute up to 3% toward the buyers closing costs, again, in Texas.
0 votes Thank Flag Link Fri Oct 12, 2012
FHA Guidelines are the same nationwide and apply only to the buyer and the property they're purchasing, not the seller. That 3.5% sounds more like the buyers down payment, as it is the minimum amount require per FHA Guidelines. What the buyers may be asking for is probably "Sellers Contributions" which you don't have to agree to, but in some cases is customary to help buyers with Closing Costs. Ask your Realtor for clarification, you should get a straight answer what the buyer is asking for. Remember everything should be in writing and if they have made an offer already you should have a copy, go through it and ask questions.
NOTE: If buyer needs to have Sellers Contributions to make the deal work, an option can be raising the price of the property to account for that amount. Should you choose to go this route ask your Realtor if the property would appraised for the new amount.

Good Luck!
0 votes Thank Flag Link Fri Oct 12, 2012
In Texas the buyer's minimum down payment for fha is 3.5% and not the seller. You may want to confirm with a lender in Virginia and/or other agent there.

Best of luck,

Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240


Servicing your real estate need is my priority!
0 votes Thank Flag Link Fri Oct 12, 2012
In most states, the "3.5%" is the minimum that the BUYER is required to pay (not the seller) in order to qualify for an FHA loan. It seems there is some confusion. But, it would be wise to contact other Virginia practitioners (realtors and/or mortgage lenders) for verification. Brent Rice, The Rice Group, Inc. 214-808-3100
0 votes Thank Flag Link Fri Oct 12, 2012
Hi Lisa-

I don't know what the state requirements in Virginia are for selling a home, but you might be able to ask this question in the Virginia area of Trulia, rather than in the Frisco area of Trulia.

Best regards,

Sherry Renfroe
Ebby Halliday Realtors
(214) 215-4145
Mobile Web: m.sherryrenfroe.com
0 votes Thank Flag Link Fri Oct 12, 2012
This is something that your Virginia Realtor will need to clarify. If you are moving here to Frisco after you sell, I would be glad to help you and educate about the opportunities you have as a buyer here in Texas.
Flag Fri Oct 12, 2012
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