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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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UPDATE: Got the answer to my question. :) --Seller and Lender both paying closing costs?
UPDATE: A simple call to the bank and I got my answer... should've done that before posting. 
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Has anyone had the seller and the lender (bank, mortgage broker, etc) pay closing costs?
Our seller agreed to pay a certain amount of our closing costs (it was part of our offer).
Well, we're getting our mortgage through a bank and part of their program is that they also pay closing costs.
So, will our bank pay the closing costs and then whatever is left over the seller will pay? (The seller in our case is a bank b/c it's a foreclosure). How does this work when they both agree to pay? TIA.
Message edited 4/16/2008 4:05:58 PM.
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Posted 4/16/08 1:45 PM  |
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Prudential Douglas Elliman Real Estate
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Seller and Lender both paying closing costs?
I would think that after the seller pays their amount, then the bank kicks in their amount (which is also limited), then you pay any remaining cc amount if there is any left to pay.
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| Posted 4/16/08 3:24 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Seller and Lender both paying closing costs?
ETA: Nevermind. I think I read it wrong. 
Message edited 4/16/2008 3:29:31 PM.
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| Posted 4/16/08 3:28 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Seller and Lender both paying closing costs?
Ok I just called our bank and they said they pay the closing costs first. Then the seller will pay their part (whatever is left that doesn't exceed their set amount) and will cover any points we buy to lower our rate!!!!! 
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| Posted 4/16/08 4:03 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: UPDATE: Got the answer to my question. :) --Seller and Lender both paying closing costs?
Posted by CaMacho
Ok I just called our bank and they said they pay the closing costs first. Then the seller will pay their part (whatever is left that doesn't exceed their set amount) and will cover any points we buy to lower our rate!!!!!
sounds like a great deal!!!!
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| Posted 4/16/08 4:26 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: UPDATE: Got the answer to my question. :) --Seller and Lender both paying closing costs?
Posted by Jackie24
sounds like a great deal!!!!
Yea except the rates have been going up like crazy and we haven't locked in yet. 
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| Posted 4/16/08 4:56 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: UPDATE: Got the answer to my question. :) --Seller and Lender both paying closing costs?
Posted by CaMacho
Posted by Jackie24
sounds like a great deal!!!!
Yea except the rates have been going up like crazy and we haven't locked in yet.
But, if they are paying whatever points you buy -- you are in good stead!
Congrats and GL!
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| Posted 4/16/08 9:01 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: UPDATE: Got the answer to my question. :) --Seller and Lender both paying closing costs?
Things are looking good for you !!! So very happy its working out!!!!!
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| Posted 4/16/08 10:30 PM |
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Failurebydsign
LIF Zygote
Member since 4/08 42 total posts
Name:
Dominique
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Re: UPDATE: Got the answer to my question. :) --Seller and Lender both paying closing costs?
thats awesome..especially in boynton beach..south floridas market is not exactly good right now and you will now have more money to fix up your house
good luck!!
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| Posted 4/19/08 3:34 PM |
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