You get to wrap the closing costs into the mortgage.
HistoricalBridge7 on
You’re basically financing your closing cost.
bannedaccountnumber4 on
Financing closing cost was already a thing. Next.
bradd_pit on
First time?
breeze94 on
Perfectly legal as long as the buyer agrees to it.
Nervous-Rooster7760 on
Yes they can sell for whatever you agree to pay. Now you will have to deal with appraisal gap if that is issue. Seller is simply trying to get same net proceeds from home. You created higher asking price because you can’t or won’t bring your own closing cash to table. I don’t blame seller one bit.
nikidmaclay on
They can sell it to you for whatever works on your situation. If you are financing it, it’ll have to appraise for at least the amount you’re paying.
Bigbadbrindledog on
Nothing illegal or sketchy about it. You are exchanging higher prices and less equity (or negative equity) for less up front cash. It can make appraising difficult.
8 Comments
You get to wrap the closing costs into the mortgage.
You’re basically financing your closing cost.
Financing closing cost was already a thing. Next.
First time?
Perfectly legal as long as the buyer agrees to it.
Yes they can sell for whatever you agree to pay. Now you will have to deal with appraisal gap if that is issue. Seller is simply trying to get same net proceeds from home. You created higher asking price because you can’t or won’t bring your own closing cash to table. I don’t blame seller one bit.
They can sell it to you for whatever works on your situation. If you are financing it, it’ll have to appraise for at least the amount you’re paying.
Nothing illegal or sketchy about it. You are exchanging higher prices and less equity (or negative equity) for less up front cash. It can make appraising difficult.