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First Time Buyers >The Seller May Pay
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.
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| Q |
What does the common acronym FSBO (pronounced fizzbo) stand for?
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| A |
For Sale By Owner. (Between 85 to 95% of existing homes are sold with a Realtor's help.)
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Eric Pruitt PA, - ABR, CDPE, CRS, GRI, CLHMS
Keller Williams of the Palm Beaches
2901 PGA Blvd Suite 100
Palm Beach Gardens, FL 33410
Cell: 561-346-0555
Fax: 561-775-7317
Office: 561-775-7333
Eric@ericpruitt.com
With over twenty-nine years of real estate experience, Eric has been rated in the top 1% of all Realtors in the U.S. since 1988. Eric is consistently one of the top producers in Florida. He has earned membership in these highly coveted groups: Platinum Club, 100% Club and Hall of Fame, as well as receiving the Life Time Achievement Award. Further, he regularly sells 10 times more homes than the average agent.        
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