Should I Pay The Closing Costs? | REALTOR.com? Blogs

Q: I signed up to buy a home on a short sell through the VA. The agent told me that the bank will pay the closing cost, also I were told by the loan officer that I will probably will get money back at closing. Now the real estate agent says,I have to pay all the closing cost. She told this to me on Friday night and then proceeded to say I need to close on the following Tuesday. This is my first time buying a home and I need help. I have limited funds and knowledge about buying a home and want to avoid the ?country wide ?type of deal. I were told by everyone that I have to rely on my agent who said this happen because she didn?t put the closing cost in with the offer she sent to the bank. What can I do other than take her word and pay the closing cost?
?Anonymous, Desoto, TX

A: My biggest concern is that the agent tells you that the bank will pay the closing costs, then tells you at the last minute that she forgot(?) to put the closing costs in the offer she sent to the bank, and now you will be paying more than you thought you would for the house. Only you can decide whether you love the house enough, and are willing and able to come up with the extra cash to complete the purchase. If that will cause you hardship, you are not obligated to close. You should discuss this with the agent and the agent?s managing broker. You have referred to her as your agent, which implies that she should be working in your best interests. If her negligence did indeed cost you money, you might consider asking her to contribute her commission toward the closing costs. If she refuses, you can file a complaint with the real estate division in your state. You should not suffer due to her oversight.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.

A: On the short sale approval letter it will state the exact amount that the bank has approved to pay. If any amounts approved are less than the actually amount owed than the buyer will be responsible to pay in order to close. You can always request a copy of the approval letter to know exactly what will was approved to be be paid.

Also, I would suggest you ask to review a copy of the closing statement (known as HUD-1). This will show what the buyer and seller pays and how much is due at closing.

Good Luck Stephanie Leon Realtor
Stephanie Leon is a Realtor? with Avanti Way Realty in Miami, FL.

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Related posts:

1. As A First Time Home Buyer, What Are Closing Costs?
2. Who Will Contact Us If Our Offer Is Accepted?
3. Is An Agent Required To Submit All Short Sale Offers?
4. Is It Unethical For A Realtor To Charge Commission On Closing Costs When The Seller Agrees To Pay Closing Costs For The Buyer?
5. The Closing Date Keeps Being Pushed Back, What Can I Do?

Source: http://www.realtor.com/blogs/2012/10/30/should-i-pay-the-closing-costs/

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