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This Weeks Caller Asked-"Do I Have to Pay the Closing Costs?"
So many home buyers ask this question. I saw this blog post attached below by a local lender Markita Aldridge Woods of Westar Mortgage here in Lake Ridge Virginia. She said home buyers are asking if they need to pay closing costs.The great news is, right now here in the Prince William County Virginia area sellers are still paying closing costs. 24 out of 203 closed sales in the Woodbridge, Lake Ridge Virginia area since December 1st, 2010, selles paid on average $6000 or more closing cost on behalf of home buyers!
Let me share a real situation and why home buyers really need to be careful though.
This is what happened to one of my listings in the past week. I called the seller and said we have two offers that just arrived.
Offer 1- FHA Buyers offer was far less than full price and they wanted in excess of $8000 in closing costs. Offer was rejected by seller
Offer 2- FHA Buyers offer was full price, however they requested over $8700 in closing cost assistance from the seller. The seller negotiated and continue to neogtotiate for one week. Buyer and Seller could not agree.
Offer 3 arrives- FHA Buyer with full price offer who ... more
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