Closing Cost vs Total Closing - can the realtor contribute? (refinance, credit)

[smuggy_mba]

Quick question guys - I know a realtor can contribute, if he/she wishes so, towards the closing costs...but can the realtor/broker contribute towards the total closing amount thereby reducing our total out-of-pocket payment on closing day.

The reason I ask is that a bank just offered us to cover all the closing costs, so I was thinking how the broker can still help. I would like to know myself before I talk this over with the broker. This broker/realtor I talk about is a one man company.

Thanks y'all.

[RCH99]

Why would, or should, they?

[KatieAP3883]

I'd actually like to know the same thing. Our realtor told us that they if we both bought and sold our house with her, she would give us .5% back at closing of the house we purchase. If the seller or builder were to pay for our closing costs, could we use the .5% for prepaids, etc.?

[N. Olikee]

Everything is negotiable........Period.

[smuggy_mba]

Originally Posted by RCH99

Why would, or should, they?

Not my question.

[LizzySWW]

Your Realtor should pay for your moving expenses, kick back half the commission and cover your move-out home cleaning service.....what the heck!

[smuggy_mba]

Originally Posted by LizzySWW

Your Realtor should pay for your moving expenses, kick back half the commission and cover your move-out home cleaning service.....what the heck!

take ur BS somewhere else. ppl who have so much should not even troll on these forums.

Realtors contribute towards closing cost all the time, I just want to know when the bank is already covering that cost, can they still contribute.

[RCH99]

Originally Posted by smuggy_mba

take ur BS somewhere else. ppl who have so much should not even troll on these forums.

If you're going to put it like that,..."ppl" that have so little really ought to try harder, rather than spend all their time picking the pockets of others.

There are a number of closing costs that must be paid by the mortgagor.

Why don't you simply ask your realtor if he will pay your allowable closing costs above what the bank claims they'll pay, since that's where you'll actually find the answer to your question.

[houstonfan]

Yes, I'm pretty sure they can contribute to overall debt. If I remember correctly the documents at closing just shows all debts and credits and total them. Aside from a few things that must specifically be paid by the seller or by the buyer, the rest is non specific and I think the contribution from the realtor will just be deducted from the grand total.
If you want to verify this info from someone other than the realtor, maybe you can contact the title company and speak to the agent handling the documents.

[jtothemak]

Something to think about is your bank really paying your closing cost. Typically if they are they are charging you a higher interest rate. They get their money one way or another.

Just like all these ads to refinance with zero closing, the interest rates are always a tad higher to make up for it.