Home Buying in New Market>Question Details

Marilou Weiss, Renter in Columbia, MD

i'm interested in the fact that ryan/NVR charges their poriion of closing costs to the buyer ie transfer tax, title ins adding another $11,000

Asked by Marilou Weiss, Columbia, MD Tue Feb 4, 2014

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5
Hello Marilou,

obtain representatoin and see if they can negotiate the builder paying all closing cost.
1 vote Thank Flag Link Wed Feb 5, 2014
This item is negotiable per the standard MD contract but it is common practice for all local builders to charge everything to the buyer. They will often give you closing credit to off-set those costs.
0 votes Thank Flag Link Mon Feb 10, 2014
Hi Mariolou, unlike a traditional owner resale, it is common for a builder to just pay a specific dollar amount towards closing costs. To get the closing you typically will need to use their lender and title company (they do this to ensure a smooth transaction) as a general rule. Don't be turned off by them not splitting transfer/recordation as it is a very common practice. Good luck!
0 votes Thank Flag Link Sat Feb 8, 2014
Marilou

You need a good Mortgage Lender/Realtor who is thinking about your best interest* will negotiate those fees. Better yet when you submit a contract to purchase you should have certain clauses in there that the owner/builder would pay certain fees.

I* assist my clients helping them with closing costs and teach them how to get a percentage back from the builder/owner to where many of my clients just pay their down payment.

Contact me 443-303-7573 I will teach and show you if your looking to purchase a home.


Thank You



Joseph A Ray
NMLS # 204912 Branch ID 197553
Branch Manager Maryland Licensed in MD, DC
Sutherland Mortgage Services, Inc. NMLS # 9891


10015 Old Columbia Rd, Suite B215 Columbia, MD 21046
cell +1(443)303-7573 fax +1(866)833-4210 office +1(410) 290-6244 CLICK HERE TO APPLY NOW

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0 votes Thank Flag Link Wed Feb 5, 2014
Yes it is a practice of new home builders, not just Ryan/NVR homes.
They usually have an incentive if you use their loan and title companies.
Title insurance is required by your loan company and the owners portion is an option.
I always point that out to my clients and have them review a preliminary HUD-1
0 votes Thank Flag Link Wed Feb 5, 2014
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