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Needs a Contract |
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I want to buy a house for sale by owner. My lender told me to get a contract of purchase and include that seller will be responsible for closing cost up to 6%. Then my loan will be for $4000 more than the house price. I don't understand this. What if closing costs don't come to $4000, will my loan amount be reduced? If not, does the seller get the extra money? Also, where do I get this contract? The seller wants to use a lawyer and apparently wants me to pay his fee. My lender says I don't need a lawyer. Please help me if you can, I really love this house. |
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You need professional help. Either get your own lawyer, one who specializes in real estate, or else see if you can hire a real estate broker (not a salesperson, a broker), perhaps by the hour, to help with negotiating a written contract. That's the person to explain things to you.
Let me know what happens; I'm interested. |
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Edith
Originally published on October 19, 2007 |
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