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bella
LIF Adult
Member since 5/05 1871 total posts
Name:
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another problem with home purchase
I dobn't know what is going to happen now...we signed contract and got a call from lawyer that we have some additional fee to pay (couple thousand dollars) they were not sure what it is but it was NOT in the contract we signed.....my DH is blowing a gasket, we don't feel like we are getting the best deal to begin with (another story) but do love the house....DH is ready to walk away...anyone ever heard of such a thing AFTER contract....
ETA: I also put a substantial amount of earnest money down, ughhh, I feel sick aobut the whoel thing.....I HATE this process jsut feels like everyting has gone wrong and this is not meant to be!
Message edited 5/12/2010 3:54:39 PM.
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Posted 5/12/10 3:53 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: another problem with home purchase
what type of additional fee?
is it a short sale or foreclosure? b/c in those cases you normally have to pay the mortgage recording tax (the seller pays that on "regular" sales)
if you get me some more info I could help you better
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| Posted 5/12/10 3:57 PM |
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bella
LIF Adult
Member since 5/05 1871 total posts
Name:
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Re: another problem with home purchase
short sale and I don't know yet what it is for.....but it was in our contract that they paid it and now they ar saying we must....
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| Posted 5/12/10 4:05 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: another problem with home purchase
What type of fee is this?
There are things that could arise. Depending on what time of year it is, you may have to pay the owners back the taxes
Your attorney should be handling this though. He would know best if there was language in the contract to allow for this fee. It may not state you are going to pay x if this happens
but it could say in the case of x buyer agrees to pay all fees associated with x situation. Hence the fees you are being charged at closing.
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| Posted 5/12/10 4:05 PM |
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bella
LIF Adult
Member since 5/05 1871 total posts
Name:
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Re: another problem with home purchase
apparently the lawyer said we were not supposed to have to...it is in the contract that the seller pays it whatever it is...
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| Posted 5/12/10 4:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: another problem with home purchase
Posted by bella
short sale and I don't know yet what it is for.....but it was in our contract that they paid it and now they ar saying we must....
I would bet it's the mortgage recording tax
the bank will NOT pay it and the sellers can't in the case of the short b/c there is no profit on the house- only a loss
it's based on the price of the house-
it's listed on just about every short sale and REO listing
FM me the MLS # and I can check the listing
Message edited 5/12/2010 4:09:43 PM.
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| Posted 5/12/10 4:08 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: another problem with home purchase
Posted by bella
apparently the lawyer said we were not supposed to have to...it is in the contract that the seller pays it whatever it is...
buyer normally doesn't pay the mortgage recording tax- except for in a distressed sale
if you lawyer doesn't handle alot of shorts and REOs they might not be 100% familar with this
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| Posted 5/12/10 4:10 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: another problem with home purchase
Remarks: Buyer To Pay Transfer Taxes,
this is from a short sale listing I just pulled up- I see it in most Short sales- if the agent has a clue
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| Posted 5/12/10 4:23 PM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: another problem with home purchase
Agreed - it may be the transfer tax - this is usually the responsibility of the Seller.
It is difficult with short sales. I have handled quite a few and it is not abnormal for the bank to agree to short sale, however "requests that the buyer pay an additional $3000" to close.
Make sure that EVERYONE is reducing their fees (Seller's attorney, realtor, etc.). You attorney should be confirming this for you.
Best luck to you!
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| Posted 5/13/10 10:29 AM |
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