Question removed

Asked by Clay, 07095 Tue Nov 20, 2007

This question was removed by its author.

Answers

7
Clay, Home Buyer, 07095
Tue Nov 20, 2007
No, I have an attorney. It's just easier to get generic info first and then discuss with my ESQ. I already have the 3% closing fees to be paid by seller in the agreement but we just had our inspection and I am trying to get a feel for what creative ways repairs can be addressed outside of lowering the final selling price.
0 votes
Connie, , Newport, MI
Tue Nov 20, 2007
Hi Clay. Yes, it's true that mortgage companies can (and are) capping the % on seller concessions. The downpayment assistance is between you and the seller. The more down payment, the happier the lendor. Minimizes risk on default.
0 votes
Suzanne Walk…, Agent, Oklahoma City, OK
Tue Nov 20, 2007
First, there is a lot of 'legal' being thrown around and if you are looking for legal advice, Trulia is the WRONG place.

Next, regardless of what a buyer and seller agree to if it violates Fannie Mae or underwriting requirements and you don't get the loan you have a whole new predictament on your hands.

It sounds like you have neither agent nor attorney since you are asking these questions on Trulia. There is absolutely NO WAY anyone here can give you good sound 'legal' advice for two reasons, first your question lacks way too many details next were not attorneys.

Lastly, please don't try to piece mill together a contract based on random advice you are getting online. Employ a licensed professional and/or attorney.
0 votes
Clay, Home Buyer, 07095
Tue Nov 20, 2007
Great. So this is a clause that is accepted? ie, mortgage companies can cap what you can receive as a seller concession on closing costs at 3 or 6% - that's why I was curious as to whether they have any say on the particular point of down payment help.
0 votes
Connie, , Newport, MI
Tue Nov 20, 2007
Hi Cay. I use the Michigan Association of Realtors Sales Contract which has an Other Conditions section where terms of this nature are added to the contract. A Sales Contract, once accepted all the way around, becomes a legal binding contract.
0 votes
Clay, Home Buyer, 07095
Tue Nov 20, 2007
OK, that is my question. Is there a legal basis where you can add that line, "seller to contribute $ to buyers downpayment"? THX
0 votes
Connie, , Newport, MI
Tue Nov 20, 2007
Hi Clay! I don't think I totally understand your question. If you are asking the Seller to contribute 3% towards your closing costs why are you looking for "cash in hand" at close? If you are also looking to the seller to contribute towards your downpayment, terms should be added to the contract. Something to the effect of "Seller to contribute 3% toward buyers' prepaids, acquisition fees, and escrow. Seller to contribute $000 toward buyer's downpayment". I'll be anxious to see other comments on this.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more