Home Buying in 44811>Question Details

Jena, Both Buyer and Seller in Sandusky, OH

If we have negotiated that the seller is paying closing costs, what are we responsible for at closing? We have the GFE and I'm relatively confused!

Asked by Jena, Sandusky, OH Tue Oct 8, 2013

Our GFE is several thousand and I'm trying to figure out what part if not all that we are responsible for as the buyer versus what the seller is responsible for. We've negotiated that the seller will pay the closing costs. I just want to have a good idea of what we're expected to pay up in the next few weeks as we get close to our closing date.

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Thank our wonderful gov't. They thought that form was "easier to understand". You should look at the third page of your "Uniform Residential Loan Application" (where it breaks down the details of your transaction. OR you should be looking at your "itemized fee worksheet". Those two forms break down what costs and credits you should expect. Definitely agree with everyone else here, your lender/loan officer should have explained your numbers in detail so that there aren't any surprises. *** Something to bear in mind... even if your seller agrees to 6% and you get your prorated tax credit, you should still be mindful of the loan program and any assistance you're getting. For example, if you're getting all of these credits, you'll still need to pay for your appraisal and for your inspections (out of pocket, before closing). Then if you're utilizing an FHA program, you'll still need to bring your 3.5% regardless if the credits outweigh the costs. (Only exception is if you're using OHFA then they'd alter your down payment based on the amt of assistance your getting/using.) Hope this helps. Kim Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
0 votes Thank Flag Link Tue Oct 8, 2013
Jena, I will offer my .02Cents here. I would suggest you talk with your Lender to answer your question. I do agree in general with Barbara comment that you might be responsible for some amounts that may not appear on your Good Faith Estime. I also agree with Tim Moore's comment that "Seller to pay closing costs is really vague". Because of that I suggest that Realtors say "Seller shall pay up to ___________ (Dollar Amount or Percentage) of Buyers Points, Closing Costs or Prepaids".

Talk with you lender.
0 votes Thank Flag Link Tue Oct 8, 2013
If the seller is paying their closing costs and yours. You are responsible for your down payment money. Your inspections, appraisal Hope this helps
0 votes Thank Flag Link Tue Oct 8, 2013
Your Realtor or loan officer should be answering these questions since they can see your contract and we can't. Just saying, "Seller to pay closing costs" is really vague and can cause confusion when the person that prepares the HUD1 closing statement does her work. She needs to know what charges are to be paid by who. I was taught to include the fees the seller will pay. Another way, but still vague, is to say seller will pay up to $3000 in closing costs. This way it really does not matter which they pay, you know they will credit you $3000 at closing for whatever cost you have. That GFE should list all or most of them so minus out the amount being paid and know you pay the rest.

I hope this helps, but if not ask your Realtor or lender.
0 votes Thank Flag Link Tue Oct 8, 2013
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