We negotiated a set amount of money for our buyer's closing costs, but we don't own that kind of money lying around -- can we income for it out of the sale of our house. If so, how does that work?
Answers: The closing company explicitly handling this will prepare all the paperwork to show it comes from your proceeds. For a peddler it is all paperwork no money unless you owe due to short Dutch auction, etc. But typically it is all documented written that you sign. The closing company receives the funds for the buyers side and the proceeds are divided up according to the purchase agreement and the HUD 1 statement shows adjectives the funds for the transaction.
Yes, it comes from escrow disbursements when funds are received and escrow is closing.
I, too, am surprised no one have informed you about this.
What sort of an agent do you hold?
It comes from your proceeds and will appear on the HUD-1 settlement statement.
It will be the first document you sign at the closing table, per federal lending guidelines.
Yes, it will automatically be deduct at closing from your proceeds. I'm surprised your loan officer or realtor didn't explain that!
Good luck! Yes, it comes from your proceeds.
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Answers: The closing company explicitly handling this will prepare all the paperwork to show it comes from your proceeds. For a peddler it is all paperwork no money unless you owe due to short Dutch auction, etc. But typically it is all documented written that you sign. The closing company receives the funds for the buyers side and the proceeds are divided up according to the purchase agreement and the HUD 1 statement shows adjectives the funds for the transaction.
Houses similar to forclourser?
Yes, it comes from escrow disbursements when funds are received and escrow is closing.
I, too, am surprised no one have informed you about this.
What sort of an agent do you hold?
Can someone refinance their home for a 30 yr. next to an LTV Lower than 100%?
It comes from your proceeds and will appear on the HUD-1 settlement statement.
It will be the first document you sign at the closing table, per federal lending guidelines.
Yes, it will automatically be deduct at closing from your proceeds. I'm surprised your loan officer or realtor didn't explain that!
Good luck! Yes, it comes from your proceeds.
Resolved Questions: