Seller Paying Closing Costs in Durham, Chapel Hill and Cary NC
Posted by Larry Tollen on
One of the most common terms I see negotiated in contracts for a home in Durham today is for the seller to contribute money to the Buyer to cover all, or part of the Buyer’s Closing Costs. Seller paid closing costs can, with certain limits, be paid by the seller to the buyer without any problems…if you know the rules. Ignorance of the Underwriting Guidelines for the program and Bank that the Buyer is applying for a mortgage from, can turn a seller contribution of closing costs into a real problem!
It can be the difference between getting a loan – or getting denied! Yikes!
Seller contribution is really just another way of saying a part or all of the closing costs are paid by the seller. For example, a contract could read that the seller will…
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