The costs of buying a home may be daunting. For example, you may have finally saved enough for a down payment on your first home, with a little left over to buy the furniture you will need. Then you hear about having to pay closing costs you weren't anticipating, and this may seem like a real setback.
One way to cover such a shortage is to make the sellers an offer that calls for them to credit you for some of the closing costs. As a rule, the sellers may pay a maximum of 3 percent of the sales price if the buyer is putting five percent down. If the buyer is making a down payment of 10 percent or more, the seller can contribute up to 6 percent of the sales price to cover the buyer's closing costs. Some items, such as prepaid taxes and the first month's mortgage payment, must be paid by the buyers. Sellers may also contribute to paying the appraisal, points, title insurance, settlement attorney fees, state or local transfer taxes and similar items.
Keep in mind that if the credit is included in the price of the house, the appraiser will have to justify the amount, based on sales prices of similar homes in the neighborhood.
June Seebohm Keller Williams Realty, Hilton Head Island, SC 8 Lafayette Place Hilton Head Island, SC. 29926 843-290-2929 843-682-8111 Fax: 843-681-3342 Email: June@AlwaysJune.com
June offers you a degree of personalized service rarely found among
Realtors. Through a unique combination of devotion, compassion and good, old-fashioned hard work June has established an excellent reputation among, not only her clients but her peers as well. June is originally from Northern Ireland and has moved many times in the UK and US so she understand very well the kind of stress involved in residential sales and purchase. It's often an intense time of transition for all involved.
Also her personal knowledge of building new homes and renovating homes
is invaluable. Her high-tech office and staff allow immediate response
to phone calls, emails and faxes. She is always "on the other end" of
her cell phone. Please call her any time.
www.AlwaysJune.com
is brought to you by June Seebohm
NUMBER1EXPERT in real estate for Hilton Head Island and Bluffton, South Carolina
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