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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 |
The upper walls of what famous holy temple are lined with gold?
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| A |
The Golden Temple in Amritsar, India is the most sacred temple and spiritual center of the Sikhs. |
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LaMonica Group
Rodeo Realty Inc.
23528 Calabasas Rd. Calabasas, Ca 91302
Peter LaMonica Lic# 01338661
Maggie Oreck Lic# 01352758
818.995.8201
Fax: 818-332-1247
Info@LaMonicaGroup.com
The LaMonica Group demonstrates strong ethics, wisdom, and concern. Their experience with real life situations and with people has given them a wonderful common sense approach. Combined with their strong negotiation skills, they are a valuable resource in helping their clients meet their goals
The LaMonica Group is dedicated, experienced, and market savvy and in today’s market isn’t that exactly what you need?   
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