Skip to main content

Agent didnt mention closing costs before putting in offer

So me and my wife have been looking for a house and we submitted an offer, and it got accepted. After it got accepted, our agent asked if we wanted to have them pay for closing costs. We said yes and then she said “well actually that might not look good to do after they’ve already accepted the offer”.

I know we should have noticed the closing costs portion of the purchase agreement but we truly didn’t even know that was something you mention in an offer and I feel that our agent should have consulted with us before assuming we would take on ALL closing costs.

Based on the sale of our home and what was told to us by the same agent, we were told that sellers usually pay closing. So we paid all of closing. So in the back of our head we sort of just figured when we bought our house, the seller would pay them. Why are we stuck paying closing costs for the sale of our home and the purchase of our new one??

We are pretty deep in the process already so I’m just wondering if there is anything we can do in terms of lowering the up front costs. We just don’t have much left in our budget to cover these costs. Are lender credits in exchange for higher interest rates a common thing to do? Or can we roll the closing costs into the overall loan? We are FHA and the closing costs excluding down payment is around $10k

submitted by /u/Important_Cut_2421
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1585rnh/agent_didnt_mention_closing_costs_before_putting/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...