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The Seller May Pay

      You have finally saved enough for a down payment on your first home, with a little left over to buy the furniture you will need. Then you hear about additional closing costs you weren't anticipating which seem like a real setback.
      One way to cover such a shortage is to make the sellers an offer that calls for them to credit you for some of the closing costs. As a rule, the sellers may pay a maximum of 3 percent of the sales price if the buyer is putting five percent down. If the buyer is making a down payment of 10 percent or more, the seller can contribute up to 6 percent of the sales price to cover the buyer's closing costs. Some items must be paid by the buyers, such as prepaid taxes and the first month's mortgage payment. Sellers may also contribute to paying the appraisal, points, title insurance, settlement attorney fees, state or local transfer taxes and similar items. Keep in mind that if the credit is included in the price of the house, the appraiser will have to justify the amount, based on sales prices of similar homes in the neighborhood.

This Las Vegas Real Estate tip provided by your Las Vegas, Nevada Real Estate Agent - Kent Ottmann.  To visit my site for more on Southern Nevada, Summerlin, Green Valley, Henderson, and Las Vegas Real Estate - Click Here Kent Ottmann is here for all your Las Vegas Real Estate Needs.