Posted on: 29th Jul, 2008 09:59 pm
to avoid foreclosure on my home, i agreed with the mortgage company to do a short sale. we were going to close the deal on the home today when we learned that the buyer will not have enough money to put down as a down payment towards my home. i asked how he could not have known that from before and was told that today a new mortgage law was passed stating that new buyers need 10 percent down. the new buyer was originally told he would need 7 percent which he had but that today a new law was passed saying it increased to 10. i am so confused and baffled by this. i have searched the internet looking for new mortgage laws and have found nothing. what is really going on>?
6% is pretty common. They want you to pay their closing costs and to pay their Realtors 3% fee. When I have sold my homes, I refused to pay the fee for their realtor. While I realize it is fairly par for the couurse to do so, I told them I was not about to pay someone who was not working for me. Neither time did I ever get so much as a blink. They bought the home, I paid 1/2 of the closing, as a courtesy, but I pulled the carpet allowance and the refrigerator off of the the table.
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