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Home Buying in 46410 : Real Estate Advice

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  • Home Buying8
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Activity 8
Tue Aug 25, 2015
Amelia Robinette answered:
Sounds like you might be looking at different documents. I'm not familiar with your state documents, but here are the equivalents in my area

Exclusive Right to Represent Buyer - agreement between you and your buyer's agent and broker. This is usually where you'll see a Broker/Buyer Processing Fee, as well as the overall fee (commission) that you're paying the agent/broker. This should have been disclosed to you before your agent wrote up your contract. However, it often gets added to an offer when you find the right property.

This processing fee will be added to your closing costs and listed on your settlement statement as a charge to you, the buyer.

Sales Contract with Contingencies - if the seller is contributing to your closing costs, it would be on the Financing Contingency portion of the contract (again, not sure if your state is set up the same, so the form may have a different name or be incorporated into the overall contract), there is a clear spot for "Seller Contribution" or "Seller Subsidy" or "Seller Credit". If you don't see it in the actual sales contract, it means the seller is not paying any of your closing costs.

I believe your agent/broker are referring to 3% commission they'll receive for bringing the seller a buyer (you). So "technically" the seller is paying the commission, but unless they've specifically agreed to also give you a 'contribution, subsidy, credit', than you'll be paying the processing fee.

You should get this clarified and your agent should walk you through each aspect of all the paperwork - you're absolutely right to question this fee! You can ask for it to be waived.

Here's a link to a blog my broker wrote a while back re: admin/processing fees, should give you some more insight:
http://blog.franklyrealty.com/2007/02/395.html
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Fri Feb 14, 2014
Gary Allen answered:
You are within striking distance of qualifying for a mortgage. You can raise your score by focusing on the methods to increase your score. I have a contact who helps with this by advising what to do. Deposit this much in this account and don't touch it....apply for this gas card and use it this much and pay so and so. It is possible to raise a score by 50 points over 6-12 months!

If you are at 620 and make less than $72,000 you may qualify for a down payment assistance program that is FHA approved. Buy a home for 1/2 % plus closing costs. Pretty amazing!
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Fri Feb 1, 2013
Jessica Kljajic answered:
You posted two of the same questions. See my respond on your previous question
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Mon Jan 21, 2013
K.C. Jones answered:
YES! I can help you with a FHA Loan...3.5% down with credit scores as low as 580. You'll be amazed at our rates too! Contact me - I would love to help you.

K.C. Jones
RH Lending

214-432-0486
kjones@rhlending.com
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Wed Jun 22, 2011
Dp2 answered:
Also, keep in mind that you might have other options even if you're not excited about the ones that your lender(s) would present.
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Sun Jan 10, 2010
Jessica Kljajic answered:
Fri Jan 1, 2010
Jessica Kljajic answered:
You look for an agent that has a SFR ( Short Sales and Foreclosure Resource ) designation. If you have more questions, you can call 219-791-4785.
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Wed Dec 30, 2009
Don Tepper answered:
What happens? Since you're now in violation of the terms of your loan, your lender can foreclose.

The bank is trying to protect its investment. Your property is security for their investment. They want to make sure that nothing happens (such as unpaid taxes) that can threaten their security--your home. And so they want control over the process of making sure that taxes are paid. That's the same reason they want to make sure that you have insurance on your home.

Continue with the escrow arrangement. It's what you agreed to. It doesn't cost anything.
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