Tim Childs

Jen

Yes it is possible for sellers, including banks, too play for closing cost. However every loan product have different guidlines on how much and what the seller can pay for. With the passage of the Housing Rescue Bill the government has eliminated seller paid Down Payment Assistance programs, begining in October. Check with the lender you are working with, and find out exactly what the guidelines are. But do not be surprised if the guidlines changes at any time.

A point is simply 1 percent of the loan amount. What the point is for is the bigger question. If the point is being used to buy down the interest rate, how much, and how much will that buy down really save you?

EVERYONE is better off with a fixed rate mortgage. You shouldn't even be considering an ARM if you are planning on living in the home for a long time. ARMs are one of the reasons for the foreclosure problems.

Thease are all rather complex issues which cannot be explained in very good detail in this type of format. if you would like to discuss these further, feel free to contact me directly. - Thu Aug 28 2008, 06:30

Jay

The programs which are ending in October are the Seller Assisted Down Payment Programs such as Nehemiah Program. If you are using conventional financing and putting your own downpayment down then you should be in a good position to negotiate a great deal. A lot of the lenders have already changed ther guidlines to eliminate the seller paid downpayment assistance programs. If you have more questions please feel free to contact me directly, and i will help yopu out as best as i can.

Tim

TChilds626@gmail.com - Fri Aug 22 2008, 14:45

You should have recieved a GFE (Good Faith Estimate) from your lender. Tthis is an estimate of the all of the closing cost and fees that you will pay at closing. Closing cost typically run between 3 to 5 % of the purchase price ( in my experience). Also Short Sales and Bank Owned properties can have higher closing cost since the bank tries to pass off as many of the typical sellers cost as possible back to the buyer. However, this should all be spelled out in the contracts and addendums, it should not be a surprise. - Mon May 19 2008, 05:21

Annel

To start with auror is divided into 4 MLS area (AUN, AUS, SSE, ESS). The average days on market for 2007, Aurora North (AUN) 115, Aurora South (AUS) 93, South South East (SSE) 114, ESS is an area with a lot of new developements, but is mostly a rural area, howerver ESS average days on market for 2007 were 156. Those are the averages, however, statistically 2 out 3 homes sell in less than the average days on market, based on three years of MLS data. If you would like more information, contact directly. - Mon Feb 18 2008, 15:25

You can ask. The agent should have the Sellers property disclosure, square footage disclosure, and closing instruction. However, the agent may not have the CIC documents available. - Wed Feb 13 2008, 11:21