A Beautiful Mind...
Have you ever had a question about seller credits and ended up scribbling notes like Russell Crowe’s portrayal of John Nash in A Beautiful Mind? We understand.
We often are asked this question by interested buyers. When looking in a price range for a property, the amount of money necessary “to bring to the table” at closing remains important. Outside of the financed amount for a property, a buyer needs to have the amount of the down payment and enough for the other closing costs to close the transaction. These closing costs can differ, and a good lender should be able to provide an estimate detailing the costs. We typically estimate these costs to be 3 to 4% of the purchase price.
To help offset these closing costs, a buyer can request a seller credit. This credit reduces the amount due to the seller and credits that same amount to the buyer’s side of the closing statement (effectively offsetting a portion of the aforementioned closing costs). But how?
Have you ever had a question about seller credits and ended up scribbling notes like Russell Crowe’s portrayal of John Nash in A Beautiful Mind? We understand.
We often are asked this question by interested buyers. When looking in a price range for a property, the amount of money necessary “to bring to the table” at closing remains important. Outside of the financed amount for a property, a buyer needs to have the amount of the down payment and enough for the other closing costs to close the transaction. These closing costs can differ, and a good lender should be able to provide an estimate detailing the costs. We typically estimate these costs to be 3 to 4% of the purchase price.
To help offset these closing costs, a buyer can request a seller credit. This credit reduces the amount due to the seller and credits that same amount to the buyer’s side of the closing statement (effectively offsetting a portion of the aforementioned closing costs). But how?