Home Buying in 22026>Question Details

Reggie  Hamm…, Home Buyer in Virginia

i am in the process of purchasing a home. the sale price is $425k. we have recieved an offer to by for 415k.

Asked by Reggie Hammond, Virginia Thu Feb 21, 2008

the bank is giving $3600 toward closing cost. they want us to pay $17k toward closing cost. ive never heard of anyone paying so much in cc. why are they asking so much for cc.

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Your question makes little sense. If you are buying a home, then you don't receive an offer to buy from a bank. You make an offer. Maybe you did and the bank made you a "counter-offer". I sure hope you are working with a realtor that can assist you and answer your questions. Hence, the reason why you should have an agent especially if you are asking suck a basic question. At this point, we must assume you do not have an agent. But from your question, it is unclear if you are buying or selling is you say you "received an offer" and then say you are in the process of purchasing. If you are the Buyer, you call the shots. This is a clear Buyer's market. Seriously, you should not be buying a house without representation. Get an agent and start over. Walk away from this deal and get someone on your side that can keep you from making a big mistake or paying too much or getting taken. This is one of your biggest financial decisions. Treat is as such and get some help.
Web Reference: http://www.davidwbrower.com
0 votes Thank Flag Link Sun Feb 22, 2009
Closing costs are typically between 3-6% of the sales price. It all depends on your credit, and a variety of other factors. Ask for a good faith estimate from your lender if you do not have one already. The good faith estimate will have the closing costs itemized so you know what your being asked to pay for. Have your Realtor go over it with you. Some of those items are negotiable and your lender may be able to reduce some of the fees. If you feel your lender is still charging you too much--get an estimate from another lender and compare the two.
0 votes Thank Flag Link Sun Feb 22, 2009
Are you buying a foreclosure? The amount of closing costs that you will pay are going to be based on the loan you are receiving, your credit scores among other things. If you are represented by a buyers agent then they should be assisting you at looking at the best financing for your circumstances. In today's market manysellers are contributing up to 3% of the sales price towards closing costs. Check with your agent and your loan company to make sure you are getting the best deal.
Web Reference: http://cindyjoneshomes.com
0 votes Thank Flag Link Fri Feb 22, 2008
I think what you wanted to say ( Please correct me if I am wrong ). But you are in the process of purchasing a home. The sale price is $425k. But you have probably been preapprove for $415k which is probably your offer. Your bank is giving you $3600 towards closing cost. But you still have to pay $17k from out of your pocket. It is still a buyers market. A lot of sellers are accepting reasonable offers as long as it is backed with good comps. Some sellers are even paying two mortgages because they didn't sell their house before they brought their new one and they are willing to do anything to move the home out of their possession,so they are definitely willing to work with you. So get your realtor to get the sellers to pay more of your closing cost if not all of it. That your realtor's job to negotiate the best deal for you. If you feel that you can't or don't want to pay that much for closing costs,then you should talk to your realtor about purchasing a home that is less than what you have been preapprove for if that's the case. You definitely don't want to bite more than what you can chew which can be the case for some home owners losing their home to foreclosure. And you want to avoid that by any means necessary. Again,I am sorry if I didn't quite get your question but this is what I was able to get from it. Much luck to you. in buying your new home.
0 votes Thank Flag Link Thu Feb 21, 2008
Please restate your question. It makes no sense as written. You're buying a home for $425,000, but have received an offer for $415,000??? The bank is giving $3,600 toward closing costs; gee, that's nice of the bank. But "they" want you to pay $17,000 toward closing costs? The bank does? Or the buyers? Except you said you're purchasing a home.

If someone has made an offer on your home, but is asking you to pay $17,000 in closing costs, then they just want some extra cash. That's a big seller contribution; some loan programs allow generous contributions; some don't. Ask your Realtor what's going on; he or she should be able to tell you.
0 votes Thank Flag Link Thu Feb 21, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
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