Home Buying in Queens>Question Details

Susan, Home Buyer in Elmhurst A, NY

coop closing cost

Asked by Susan, Elmhurst A, NY Mon Apr 19, 2010

I read an article about mortgage, it mentioned for fixed rate u can ask seller to pay up to 3% of the loan amount. Is this condition apply to any Fixed rate and apply when the property u r goin to get is coop?

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Hi Susan, a sellers concession can be applied to many purchases- as long as the seller is willing to accept the terms. Usually if a buyer wants to include closing costs into the mortgage- the purchase price is adjusted to reflect the additional cost-and used to get additional mortgage money. You the buyer would have to pay whatever extra cost the seller would incur(additional transfer taxes) at the higher sales price. The down fall for the seller is possibility the appraised value will not meet the sales price. Thats just one of many different possibilities...Terry K 718-614-3167 cell or email me therese.korahais@elliman.com
0 votes Thank Flag Link Mon Apr 19, 2010
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