Home Buying in Saugus>Question Details

Sam, Home Buyer in Saugus, MA

the seller will not pay the $4000 in closing costs, so I cannot close on the house- what are your

Asked by Sam, Saugus, MA Wed Jan 7, 2009

suggestions? Also, how much is home insurance per month?

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Sam:

If you can't afford $4,000 in closing cost then in my opinion you should not be buying a home. Now if you don't want to pay that is another matter entirely and you need to decide if this is really a home you want to own. You can always finance the closing costs and with rates as low as they are that is not a bad business decision.

best of luck.
0 votes Thank Flag Link Sun Jul 11, 2010
Insurance agent person you need to contact for that information based on value of home, and content.

Seller will not pay $4K closing costs you need to confer with your buyers agent everything is governed by the executed sales agreement

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Jul 9, 2010
If you are talking about not closing on a home I assume there was a contract in place. Did the sellers agree to pay the closing costs in the contract? If you have a contract, the contract takes precedence over everything.

If the closing costs were not negotiated up front than it is your responsibility. I am not sure if you are in negotiations to purchase a home or if you currently have a contract in place so it is hard to answer with any degree of certainty.
0 votes Thank Flag Link Fri Jul 9, 2010
Sam,

What is your agents advice? Normally, closing costs are shared between the seller and buyer. What did your contract specify? This information should be clearly stated in your agreement.

You can't have a contract without agreement on all matters relative to the transaction. If you have a contract, you have an agreement and there should be NO suprises.

Check your contract closly....
Good luck
0 votes Thank Flag Link Thu Jan 8, 2009
Scott pretty much covered it and gave good advice ... If it is written into an offer contract that has been executed by both parties (you [buyer] and seller) they can't legally back out of that term and you should consult a real estate attorney if they are in fact trying to do that. However, if you are going directly through the sellers agent verbally and they are simply telling the agent to tell you they won't pay closing costs you could just hold firm on your offer. Closing costs are a negotiable item so you could always posture and tell the sellers agent they have a deal if they pay closing costs otherwise you will continue looking ... In this market often the sellers will reconsider. Also, as an fyi, if you are working with the agent who represents the seller too you should know that they are legally obligated to protect the seller in the negotiation process which means when it comes to helping you negotiate and protecting your interests they have to be neutral (basically they can't really give you advice). If this is the case you may want to consider hiring a buyers agent.

Hope this helps!
0 votes Thank Flag Link Thu Jan 8, 2009
Was it part of your offer or purchase and sales agreement? You should consult with your mortgage rep asap to see what your options are. If your using a sales agent they might have additional ideas that will work with your specific situation. Home insurance varies depending on the property & other specific details, you should contact your auto insurance carrier and see if they offer any deal. Also consult lending institutions, professional associations, groups such as AAA etc. also ask friends, family, colleagues for referrals to insurance companies they're happy with.

Good luck
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Wed Jan 7, 2009
Sam,
Were the closing costs written into the fully executed P&S as concessions back at closing? Are you dealing with a homeowner or is the property bank owned? Homeowners insurance depends on the company and the individual property, but is rarely over $1,000.00 per year
0 votes Thank Flag Link Wed Jan 7, 2009
Difficult to state on home insurance only an agent can quote depends on policy, value of home, content.

If you have an executed contract state seller pay $4000 closing cost then they are in breach of a contract must be owned at closing title company enforces all terms and conditions of contract.

NOW if you are submitting an offer usually home COULD BE all depends market up $4000 covers your closing cost which you finance in term of your loan. Which cost seller nothing

Perhaps either listing / buyer agent is not explaining correctly closing cost seller.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Jan 7, 2009
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