can fees be split between buyer and seller?

Asked by equipt925, 23661 Sun Jan 13, 2013

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equipt925, Home Buyer, 23661
Thu Jan 31, 2013
I've been reading advice. I signed a puchase agreement, however, was not aware that the seller could pay most or all of the fees with the exception of those not allowed by FHA. I was not told this, and now in limbo waiting for my agent to find a solution to this. If I was not told at this or it was not disclosed by my agent , what grounds do I have at this point if the sellers do not agree to help with these fees?
0 votes
Charles Lewis, Agent, Virginia Beach, VA
Sun Jan 13, 2013
Yes! Certain fees can. Their are also fees that a buyer is not allowed to pay for on VA & FHA.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Sun Jan 13, 2013
By fees I'm guessing you're referring to closing costs?

If this is correct then the answer is yes a Seller can contribute to a buyers closing costs (in many instances for first time buyers where an FHA or VA loan is being used this is actually the common practice)

You as a buyer should speak with your lender who can advise you on what your buyer broker should write into your offer for Seller assistance, there's a limit to what a Seller can contribute and this is in large part based on the loan amount as well the specific type of loan you'd be getting.
0 votes
Angie Harrin…, Agent, Newport News, VA
Sun Jan 13, 2013
Yes. Most agents have prepared sellers to expect buyers to ask for them to pay the costs pre-paid expenses (such as taxes and insurance) associated with the sale. If you'd like more information or need any help, please get in touch.
0 votes
John R Beave…, Agent, Portsmouth, VA
Sun Jan 13, 2013
Absolutely. I always try to get the seller to contribute sufficient money to cover most, if not all, of the buyers costs.. This is part of the negotiation process that I do for my clients.

If you would like more information contact me at 757-812-0399.

John R Beavers,, Realtor
Heartland Realty LLC
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