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Hello!
I am having a bit of confusion. So let me give you my details:
New construction home that finished in December 2014...so I guess that makes it existing. ;-)
List price: $209,300
Seller (builder) will not accept less because...brand-new home.
I need closing costs paid by seller. Roughly $6,000
Our offer: $215,300
Our earnest amount: $1,000
I'm just confused about how much exactly it needs to appraise at if I want to pay nothing out-of-pocket at closing.
Thanks!
@treski wrote:Hello!
I am having a bit of confusion. So let me give you my details:
New construction home that finished in December 2014...so I guess that makes it existing. ;-)
List price: $209,300
Seller (builder) will not accept less because...brand-new home.
I need closing costs paid by seller. Roughly $6,000
Our offer: $215,300
Our earnest amount: $1,000
I'm just confused about how much exactly it needs to appraise at if I want to pay nothing out-of-pocket at closing.
Thanks!
The red combined, less any down payment (I'm assuming it's just the $1K) is what the mortgage would be for, so it must appraise for at least that much - $220,300.
The appraiser will have to use similar sold comps to your newly built home. If there is an appraisal issue, just go back to the seller/builder and renegotiate the price. Sometimes this is possible, sometimes the seller/builder is not willing to negotiate. Even in a seller's market it is possible to renegotiate the price in the face of an appraisal that falls short of the contract price.