Remove Closing costs Remove Lending Remove Seller concession
article thumbnail

Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

Potter added: “Government lending would come to a halt. Adding this cost to their side of the transactions would throw the vast majority of them out of the market entirely.” “But agent commissions have never been a closing cost from a buyer perspective. “VA loans are probably the best loans on the market.

VA loan 482
article thumbnail

GSEs will not count buyer agent commissions as IPCs

Housing Wire

The GSEs noted that this guidance was not an update to their selling guides but a clarification on the treatment of seller-paid real estate agent fees. CHLA appreciates Fannie Mae’s clarification today that seller payment of buyer realtor commissions will not be counted towards seller concession caps,” a spokesperson wrote in an email.

Agents 532
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Agent strategies for getting first-time homebuyers across the finish line

Housing Wire

Homebuyers using a variety of mortgage loans to finance their home purchase are eligible to use assistance options to help with their down payment and/or closing costs. This approach is negotiated in the contract; it’s a seller concession to the buyer for a set amount. Let’s use $10,000 as an example.

Agents 435
article thumbnail

LendingPulse Q2 2023 survey: Mortgage pros share their biggest concerns, market outlook

Housing Wire

In a high-rate environment, lenders call the temporary rate buydown a win-win strategy for both sellers and buyers when used appropriately. For example, a 2-1 buydown can be paid for by the homebuyer or the home seller can pay for it as a seller concession.

Mortgages 414
article thumbnail

Who Pays Closing Costs When Selling a House By Owner?

HomeLight

When you sell your house without the help of a real estate agent, you’ll save money on commission fees but won’t escape closing costs entirely. The same closing fees that apply to an agent-assisted sale will be charged to a FSBO seller, with the exception of the agent commission. Seller FSBO closing costs.

article thumbnail

Let’s Make a Deal! 7 Things You Can Negotiate When Buying a Home—Beyond the Asking Price

Realtor.com

Make sure to attend and review the findings of the home inspection,” says Steve Kaminski , head of residential lending at TD Bank. “It’s One example would be closing earlier and offering the seller a short rent back to allow them an easier move into their next home,” Dibble says. Closing costs.

article thumbnail

How Much Should I Budget to Sell My House? Here’s the Average Cost

HomeLight

Accounting for your payoff amount will help you determine how much cash you’ll net after your home sale closes. Sample seller expenses for a $453,300 house. Cost to seller. Seller concessions. But in Texas, the seller customarily pays for the owner’s policy while the buyer pays for the lender’s policy.