Home Buying in Roselle>Question Details

Kesha, Home Buyer in New Jersey

Do banks generally agree to pay sellers concession for quick sales?

Asked by Kesha, New Jersey Sat Apr 26, 2008

My husband and I made an offer on a home in Roselle, NJ. We are first time home buyers....so everything is like a walk in the dark for us :) The home happens to be a quick sale. The bank is approving our offer, but stated they are not paying any sellers concession. We have the money for our down payment but i'm not sure we can cover all closing cost. Is there any way we can negotiate this with the bank? If not should we take a small personal loan from our credit union to cover our additional cost and fees?

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You should always make a count offer for them to pay the closing cost. If not asked them to contribute at least 1.5 %. If you can not get the bank to agreed. Then go to your loan officer that is giving you the loan and asked him that you need him or her to cover your closing cost. The way this is done is by the loan officer increasing your rate example if your rate is 5.75% he or she could do it if you increase your rate to 6.25% it should never be more than .5%. If the lender can not help you them you could reduce the amount of your closing cost by closing the last date of the month, also look at your GFE and see if your are being charge any points, origination fees or appication fees. If you are ask the loan officer to removed them or look for another lender that would doit for you.
0 votes Thank Flag Link Sun Apr 27, 2008
Kesha---your question is coming up in Roselle, Illinois DuPage County---you mat want to repost in the NJ area
0 votes Thank Flag Link Sat Apr 26, 2008
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