- 5 Answers
- 2 First Answers
- 2 Useful Answers
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Mary Anzalone's Questions (1)
Mary Anzalone's Answers (5)
Terry is correct in that, it can be anything a seller is willing to give the buyer in order to get the deal closed. But, I am assuming you asked this question because you are looking for monetary help with closing costs on a new mortgage. Depending on the type of loan (& other factors) a lender will allow the seller to contribute anywhere from 3%-6% of the purchase price of the home in concessions. The dollar figure is then listed on the HUD settlement statement (part of your closing documents) as a credit and reduces the amount of money you the borrower must bring to the closing table. Monetary concessions, whether a specific dollar amount or percentage must be written into the purchase and sale agreement.
Hope this helps - Thu May 22 2008, 09:14
Use a realtor and one that has plenty of experience with REO's. I could list off several reasons why - but to keep it short - banks hire agentcies to sell thier REO's. The agent has direct contact with the decision maker at the bank and will also be able to guide you through the process and help you avoid some costly mistakes. REO's take more time than a traditional purchase - so be ready for it. - Thu May 22 2008, 08:49
Hi Joe,
If you are looking for properties in Rockingham county area I have worked with a realtor that does a ton of these. Drop me an email and I will give you his contact info. - Thu May 22 2008, 08:25
quite honestly, the only way to obtain a true value is with an appraisal. If you are trying to find out what has sold in comparision to what you are looking at, then I would contact a real estate broker in your area. They will be able to search recently sold (like) properties and give you a good idea of value. - Fri May 9 2008, 13:57
yes Delany, there are many other questions to be asked. How long it will take you to recoup the cost of the loan vs savings on monthly payments. You mentioned you have PMI, I don't know what your loan to value is right now, but this also needs to be considered. What will the return on your investment be in 3 years? I would also suggest that you look at longer term arm rates. 5/1 & 7/1 this will allow you a bit more time at a fixed rate of interest just in case you can't or don't choose to sell in 3 yrs. Sit down with your mortgage person at the credit union. If they don't ask lots of questions and explain options to you then move on to someone else. - Fri May 9 2008, 13:16
my first question to you - how long do you intend on staying in this property? realisticly. - Fri May 9 2008, 12:29
When I am not working - I love to garden
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