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Buying house for sale by owner
Posted on 2/26/14 at 7:17 pm
Posted on 2/26/14 at 7:17 pm
We were planning on waiting another year but a house popped up in one of the two neighborhoods we really like today, great price and all. Its priced at 235,000. What are my options here? I need help with closing costs as I just my truck off and all we have is a few 1000 in checking and our emergency fund. Looking at 5% down, PMI up front. Not sure how much closing will be, guessing around $7000. To avoid tapping into emergency fund, I would need help on close to all closing. You guys ever hear of paying list or more than list if closing costs are covered?
4
Posted on 2/26/14 at 7:31 pm to LETSGEAUX2
It's all negotiable...you can ask seller to cover all closing cost if you offer close to list. Of course, check to make sure list price is realistic.
Posted on 2/26/14 at 7:31 pm to LETSGEAUX2
yes. thats how i sold my last house. List + closing was the final sale price. You can do it as long as the appraisal comes in over that amount. We were right at it.
Posted on 2/26/14 at 11:47 pm to Chris4x4gill2
quote:this. Been there, done that on both sides of the sale.
yes. thats how i sold my last house. List + closing was the final sale price. You can do it as long as the appraisal comes in over that amount. We were right at it.
Posted on 2/27/14 at 9:04 am to LETSGEAUX2
When I purchased my house from a FSBO, we negotiated based on the amount of cash that the owners needed to get in the end, then increased the sales price to compensate for the amount of closing costs that I needed them to cover.
Posted on 2/27/14 at 10:54 am to LETSGEAUX2
seller can help you with closing cost if they want. it just depends how much wiggle room they have to offer.
$7k closing cost is little bit excessive, it should be at or less than $6000,the bulk of closing cost comes from property tax which lender will today collect about 5 months of reserve and homeowners insurance, which they will collect about 15 months of reserves. plus you have the option on title insurance,, either lenders or owners coverage. opting for lenders title insurance saves you money too.
call me and I can help you out,no obligation, i'm a broker here in Baton Rouge, 225.291.7901 x 224
$7k closing cost is little bit excessive, it should be at or less than $6000,the bulk of closing cost comes from property tax which lender will today collect about 5 months of reserve and homeowners insurance, which they will collect about 15 months of reserves. plus you have the option on title insurance,, either lenders or owners coverage. opting for lenders title insurance saves you money too.
call me and I can help you out,no obligation, i'm a broker here in Baton Rouge, 225.291.7901 x 224
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