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Yes, that is how it works here which then contributed to the number of bad real estate deals out there. I am sorry I don't know the laws of your state so perhaps that doesn't happen where you live.
I know Realtors in CA, and loaning money to their clients is not typical at all. Perhaps you know one that does, and I'd avoid using them in any transaction.
You seem to extrapolate one incident to be indicative of everyone's actions. Have you ever taken a statistics class? May be helpful to understand that a small sample is not valid, especially in such a large population.
There is no way I have ever taken a penny from a realtor and never said I did. We use a financial professional rather than the real estate industry for our buying/selling.
Likewise, small samples of realtors don't a majority make - I did well in statistics class and had a lot of fun learning how some people skew the population samples just to manipulate the results.
Glad you checked with your Ca friends who confirm that realtors loaning money is possible. You just proved my point. Thank you.
In CA, I am told that realtors can loan the buyer money to pay the closing costs. Since they typically take 6%, they have the cash to move the sale along.
Let's see, I negotiate a Exclusive Right to Sell Agreement with the Seller at 6% (that is if the Seller doesn't squeeze me down to 5%). Then I offer 3% to a Buyers Agent, then I offer to pay the 3% closing costs for the Buyer (because the Seller has no money) and then I pay my Broker, my E&O Insurance, plus my costs for Listing the home and wow, it only cost me 1-2% out of my pocket to sell this home.
But, I at least I will have made a sale. Maybe I can make it up in volume?
I might be stepping into hornets nest.As for closing costs on home in CT.House was foreclosure which I and contractor repaired.I was going to occupy it but health reasons stopped me.
House listed at $139,900,buyer low balled,I came back with $137,900 with me paying 3 percent closing cost.Didn't expect response,buyer came back with asking price and me paying $6000 closing cost,am I crazy?I need $121,000 to break even.
They have letter from bank agreeing to these terms if house is appraised at this price.
I might be stepping into hornets nest.As for closing costs on home in CT.House was foreclosure which I and contractor repaired.I was going to occupy it but health reasons stopped me.
House listed at $139,900,buyer low balled,I came back with $137,900 with me paying 3 percent closing cost.Didn't expect response,buyer came back with asking price and me paying $6000 closing cost,am I crazy?I need $121,000 to break even.
They have letter from bank agreeing to these terms if house is appraised at this price.
Well, your counter and their counter both net you the same price of about $134K, about 4% off your asking price. Sounds reasonable depending on how well you initially priced it. Hopefully it will appraise for the $139,900.
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