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07-20-2008, 11:44 PM
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Second Place, You are still a loser!
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Join Date: Jul 2007
Location: Sugar Land, TX, USA
759 posts, read 700,492 times
Reputation: 157
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Is there a maximum realtor contribution to closing costs?
Is there any legal limit on the maximum amount that a real estate agent can contribute to your closing costs? i.e. if my closing costs were 30K could the agent contribute 30K or 15k? is there a percentage max?
thanks.
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07-21-2008, 12:08 AM
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Senior Member
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Join Date: Sep 2006
1,330 posts, read 1,199,569 times
Reputation: 516
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Usually the lender is the one that sets the max. In a lot cases 3% of the sales price. Check with your lender and see what they allow.
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07-21-2008, 07:45 AM
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Real Estate Agent
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Join Date: Dec 2007
Location: Houston
798 posts, read 787,027 times
Reputation: 95
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Maximum contribution can not exceed 6%.
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07-21-2008, 08:41 AM
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Second Place, You are still a loser!
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Join Date: Jul 2007
Location: Sugar Land, TX, USA
759 posts, read 700,492 times
Reputation: 157
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Beto thanks for the information. follow up, So if the real estate agent is getting 3% from the builder, technically, he can contribute the full 3%?
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07-21-2008, 09:00 AM
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Senior Member
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Join Date: Oct 2007
132 posts, read 119,338 times
Reputation: 44
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Also, what if the total closing cost is less than the realtor contribution ? Is it possible to use the remaining to pay for few months of property tax in advance ?
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07-21-2008, 09:03 AM
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Member
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Join Date: Sep 2007
19 posts, read 17,040 times
Reputation: 18
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You can use the remaining amount to pay your downpayment.
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07-21-2008, 09:28 AM
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Senior Member
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Join Date: Jul 2007
Location: Kingwood, TX
1,505 posts, read 1,238,527 times
Reputation: 427
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When I recently closed on a house the title company told me there were certain things that could not be covered by Realtor contribution so we ended up having to pay in some money but then got it back when they paid the extra to the Realtor (my friend), but I was never quite clear on what exactly wasn't covered.
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07-21-2008, 09:48 PM
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Real Estate Agent
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Join Date: Dec 2007
Location: Houston
798 posts, read 787,027 times
Reputation: 95
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Quote:
Originally Posted by icon7
Beto thanks for the information. follow up, So if the real estate agent is getting 3% from the builder, technically, he can contribute the full 3%?
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6% max total of sales price. |
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