So annoyed with our home purchase

[maryjk]

No, I’m not going to fight it. There is nothing in the contract that specifies that money was for closing, like you said. It just annoys me that we had to offer SO MUCH toward the closing costs because the “good faith” estimate was so ridiculously wrong.

I agree, it would annoy me too. When we did it, they wanted us to increase the price of the house and pay ALL of the closing, and we didn’t because we were worried the opposite would happen. That closing would be more than the estimate and we would be out that money. So we agreed on $5000, rather than the entire cost.

 

[SavedByHim]

As for the tax stuff, our realtor got back to us and said our contract explicitly states that if the house lost homestead status between her moving out and our moving in, she would have to cover the costs. So he’s getting paperwork ready to send her (she has no clue!) essentially billing her for almost $900. Yikes.

Thank GOD that’s being settled though… I do feel badly. I can see her not having the money, us having to take it on ourselves to overpay our mortgage next year to make up for the loss, and then letting her just pay us back so much $ per month.

I’m so glad at least some of the money will find its way back to you! What a frustrating, disheartening situation.

I suppose there’s no way the mortgage lender will take responsibility for seriously overestimating the closing costs and give part of that money back to you? That would sure be the nice thing to do!!!

 

[choose_to_love]

sancte, when there is a seller’s assist, it is in the contract - - if it is not, I suspect it is a breach of a buyer’s agent’s duty and/or your attorney’s duty to you, and it may be a fraud on your lender if it was intentionally withheld. Did you have a buyer’s agent? Number two, when did you hire the attorney? Number three, if you don’t mind me asking, what state did you purchase in? I am an attorney, and I do a lot of residential real estate. I may know someone in your jurisdiction. PM me if you want.

When there is a seller’s assist, the amount of the assist is put as a credit on the HUD settlement sheet at closing for the buyer, but it is shown as a reduction in proceeds to the seller on the corresponding section on the front of the settlement sheet. Usually the commission is paid on the lower amount, not that that is your concern. If it was supposed to be as a seller’s assist but wasn’t, again I think that is actionable, at least through the local real estate board and/or the local bar association, depending upon when your lawyer got involved and what you told them.

Also, the tax issue seems like it should be a title issue, which is the closing company’s responsibility to get right too. All this stuff can vary state to state, but these are quite basic issues that should be resolved in your favor if you have understood them correctly.