Posted by Ed Reilly on February 24, 2002 at 15:39:10:
Thanks for answering that one Mark. I couldnt really think of a reason. I guess another reason would be if you put up money up front that the seller agreed to pay out of the proceeds, if they were strapped for cash and depending on the sale for money. Just a thought.
Ed (Montco, PA)
Closing costs - Posted by Tom
Posted by Tom on February 23, 2002 at 20:49:10:
Is it possible to include your closing costs in your mortgage? How is it possible to do a “no money down”? and not pay closing costs? Also how does the whole “receive cash at closing” thing work? Sorry for what may be silly questions, but I can’t seem to get any straight answers.
Re: Closing costs - Posted by Mark (WV)
Posted by Mark (WV) on February 24, 2002 at 10:42:26:
To your other ? ask for the seller to rebate $$ for rehab ,carpet roof ect.
Go to the seller, I will buy at your (or the approved price) but you must rebate at close the cost of re roofing the house at $2000. Sometimes this might have to be added to the final cost in order to pull cash out, but it all as Ed posted depends on buying below market price.
Hope that clears up your questions,
Mark (WV)
Re: Closing costs - Posted by Ed Reilly
Posted by Ed Reilly on February 23, 2002 at 21:41:19:
It’s called a seller assist. Basically, the seller accepts your price and you get a mortgage for the selling price PLUS whatever costs you dont want to pay upfront. The only trick there being that you have to get the house far enough below appraised value that you have room to roll in other costs. It certainly is possible…I personally bought my first house with a seller assist.