Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

Pwitty2005 member

About

Username
Pwitty2005
Joined
Visits
25
Last Active
Roles
Member
Points
34
Badges
7
  • Re: closing cost question

    Not trying to hijack the thread, but LoveKiss makes it sound like the 3-6% closing cost includes the property taxes. Everything I've read seems to treat closing costs as entirely different than the property taxes that will be due at closing. I feel more confused the further I get into the mortgage process  :-? 

    As to OP's question, many times if a buyer asks for closing costs, (depending on your local real estate market and how much they want your house) they may actually offer ABOVE your asking price to account for what you would lose by paying closing costs. The important bit of information is that they will not be able to take out a loan for more than the house appraises for, so that may limit whether or not they can offer more than asking price. Conventional mortgages limit the seller to only pay 3% of the selling price to closing costs and FHA limits the seller to paying 6% of the selling price to closing costs. 
    zzbbformerlyGDaisy09