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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 area in the U.S. has been referred to as the "American Riviera"?
A	Miami Beach in Biscayne Bay is Florida's pre-eminent place for "people watching" and a hot spot for celebrities.
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Lamb's Real Estate Connection, REALTOR®, real estate agents and broker for Denton and Lewisville Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Lamb's Real Estate Connection
Keller Williams Realty
2434 Lillian Miller Pkwy
Denton, TX. 76205
940-591-0616
940-591-0614
940-391-6240
Fax: 940-382-2773
Email: mlamb@NUMBER1EXPERT.com
We at Lamb's Real Estate Connection are committed to you and making this a pleasant experience for you. We will be with you every step of the way to ensure that your HOME receives the proper exposure that it deserves. We will use every avenue available to get your HOME before the public to ensure instant results. You won't be alone through this process. I will be in constant contact with you and we are prepared to answer any question you might have. For many, this is the first time you have sold your HOME and we understand this; therefore, we will partner with you to provide you with outstanding results. Our goal is ONLY satisfied customers, a goal we take very seriously. Customer satisfaction is ALWAYS #1 with me. I want to earn your business.

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