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Buying our first house... what to expect?
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May 3rd, 2012
Today we are making an offer on a house. It’s a short sale. We are offering the current asking price, and we happen to know exactly how much is owed on the mortgage… so we know what the bank has to net in order to break even and not lose money on the property. Luckily, that number is about 6k less than the asking price. That works in our favor.
We are pre-approved for an FHA that allows us to put down 3.5% instead of the usual 10%. But because it’s a short sale situation, we are responsible for closing costs.
What is a seller-assist closing cost? Someone mentioned it to me but couldn’t explain what it was. And also, how much are the closing costs typically?
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