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