Is this usually done through an arrangement with the lender? i pay my closing costs to a lender so not sure how this works. appreciate input
That would be done at the time you submit an offer to the seller. You would want to include the offer with a specific amount of seller credit. If they accept, your lender will see the credit and apply it accordingly. Or the seller can reject the offer or counter it.
Or after your offer is accepted you can increase sales price with specific dollar amount which you think you will be needing Let say your is accepted at 200 and you need 5 towards closing cost and prepaid you new contract price 205 and seller pays 5000 towards closing costAslam Mansoor 9724662551Loan officer
Ask... It is that simple. Just put it into your offer. The vast majority of purchase transactions have "seller paid closing costs". The reality is that the seller is NEVER really paying your closing costs. Rather it is a way to roll the costs into the transaction versus you paying them out of pocket. So the seller is really just concerned about their bottom line. www.Mortgage-Duluth.com
Yes, the seller can pay closing costs- this has to be in the purchase contract andspecify the amount of the seller credit towards closing costs.
On your purchase offer say "seller to pay all allowable buyer closing costs, not to exceed $x,xxx".
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