Tag Seller Paid closing costs

Tag Seller Paid closing costs

Understanding Seller Paid Closing Costs

John Thomas May 27, 2017 Tags:
featured image

Understanding Seller Paid Closing Costs

Seller Paid Closing Costs are negotiated between a home buyer and home seller during the initial offer process and are written into the sales agreement.  Seller Paid Closing Costs are also called Seller’s Assistance.  If the Seller Paid Closing Costs are not written into the contract then they don’t exist and will not be credited to the buyer at the settlement.  Call 302-703-0727 to get pre-approved today and find out how much seller paid closing costs you will need or APPLY ONLINE

It is very important to understand that when you ask for the seller to pay money toward your closing costs that the seller is taking this money off the purchase price to give to the buyer at closing.  For Example if you offer the seller $200,000 for their home and ask for $10,000 in seller paid closing costs, you are really only offering the seller $190,000 for their home.

Keep Reading...

Allowed Seller Contribution Toward Closing Costs on Delaware Purchase Transactions

John Thomas December 26, 2012 Tags: , , , , , ,
featured image

How much can the Sellers contribute toward a Buyers closing costs and pre-paid items?

John R. Thomas with Primary Residential Mortgage in Newark, Delaware will answer how much the seller can pay toward closing costs and pre-paid items based on the loan program being used.  If you have questions or would like to apply for a mortgage loan please call 302-703-0727 or you can APPLY ONLINE.

When a Buyer makes an offer to purchase a property, they can negotiate for the sellers to pay money toward closing costs and pre-paid items as long as it is written into the sales agreement.  On the Delaware Real Estate Sales Agreement this is typically written into section 32 of the sales contract.  A seller is allowed to pay money towards closing costs, prepaid items, and reserves.  The seller cannot however contribute toward the down payment.

Keep Reading...