SHORT ON CASH TO CLOSE?
When purchasing a home in the Ithaca NY area and you are getting bank financing, the expected cash to close is made up of the following (in most instances)
UPFRONT CASH – Good faith deposit, Home Inspection and Radon testing, bank application, appraisal fee, credit score fee.
AT CLOSING CASH – You’ll be credited with the good faith deposit amount, downpayment, property tax prorations, funding your tax escrow, fuel prorations if there are any, attorney fee, mortgage tax and recording fees. (this needs to be confirmed your banker and attorney for a complete list as every transaction is different)
If you are tight on cash, talk with your banker and you can borrow up to 6% of the purchase price in seller’s concessions to fund part of your closing costs. You are essentially financing the closing costs yourself, and it is a way to get cash to close.
Example – Buyer and Seller agree to a sale of $100,000. The contract then gets written up as $106,000 with $6,000 coming back to buyer for pre-paids and closing costs.
Three things need to happen in order to make this work.
- Buyer has to be approved for a mortgage amount of $106,000.
- The property has to appraise for the $106,000.
- The contract needs to state $6000 in seller’s concessions and all parties need to agree.
This concession is a tool to help you get the home of your dreams, keep your savings in the bank, or help you fund the ability to be a home owner and start your smartest and biggest investment ever.
Any good experienced agent will understand and know how to do all of this, and if you have any questions, concerns or scenarios that you need to vet out…..
JUST CALL ANY RE/MAX IN MOTION Agent today. WE GET IT!!!!!! 607-277-1500
313 N Meadow Street, Ithaca NY 14850 Melissa Miller Fedrizzi
VISIT http://www.ReInMotion.com for ALL THE ACTIVE PROPERTIES.
TAX SCAM!!!! The IRS will NEVER call you at home!: Attention EVERYONE!! They demand you pay over the phone http://wp.me/p1jeHm-6H
Attention EVERYONE!! There is a scam running about where the “IRS calls you at home and scares you, asks questions and gets you to send a payment or use your credit card to pay fees, THEY WILL SCARE YOU!!! Please please call your parents, grandparents, great grandparents, your children, grand children or great grand children and spread the word. Obviously the scam has worked as it has made the news. THE IRS WILL NEVER CALL YOU.
I know that calls have been made in the area already! SPREAD THE WORD, talk about it openly with everyone you know so we can stop this quickly.
THANK YOU FOR YOUR HELP! Melissa Miller Fedrizzi – RE/MAX IN MOTION
4 Free Tickets to Cornell Wrestling VS Harvard 1.15.16 @6:30 pm GA Stop at RE/MAX In Motion b/f 4:30. 607.277.1500 http://ow.ly/i/fVVXh
As the Spring market hits the Fingerlakes region, and Yes in real estate the Spring market starts “JAY ONE”, it’s the optimum time to buy.
Each day new listings hit the market. At RE/MAX In Motion we can get you on the MASTER list of these properties and those that match your criteria, (AND WE HAVE A MORE EXTENSIVE check box, better than realtor.com zillow or trulia, and have a daily or ASAP email of those properties to your inbox.
Depending on the target area, the time on the market and how the property has been priced, together with your RE/MAX In Motion agent you can quickly determine your leverage and get negotiations started in your favor. We have been negotiating on behalf of hundreds of buyers for over 40 years collectively.
YOUR FIRST TIME IS NOT OUR FIRST TIME. Experience matters, get your plans In Motion TODAY. Call 607.277.1500 Text 607.351.1995 or visit http://www.ReInMotion.com and start your search.
What does this 2016 real estate market have in store for Ithaca?
Currently on the Market in the entire Ithaca and surrounding area. The winter is a great time to buy. Seeing properties in the winter helps you to see a property during the coldest weather, you can see so much more of the land with the lack of leaves, and you get a sense of how the property performs in the heat season. Inventory will be increasing each day here on out. GET ALL THE NEW LISTINGS EMAILED TO YOU DAILY. Call RE/MAX and get your plans IN MOTION today!!!!
483 Residential Listings
301 Land Listings
4 Commercial Leases
47 Commercial property
Find all of these properties at http://www.ReInMotion.com