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Real Estate Tips
First Time Buyers >The Seller May Pay

The costs of buying a home may be daunting. For example, you may 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 having to pay closing costs you weren't anticipating, and this may 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, such as prepaid taxes and the first month's mortgage payment, must be paid by the buyers. 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.

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Real Estate Trivia
Q 
What holds the title as the tallest reinforced concrete building in the U.S.?

A 
311 South Wacker Drive in Chicago was completed in 1990 and is 65 stories high.
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Diane and Cory Robinson, REALTOR®, real estate agent and broker for Short Hills, Chatham, Madison and Summit New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Diane Robinson & Cory Robinson
Lois Schneider Realtor

431 Springfield Ave
Summit, NJ 07901
Diane's Direct: 908-376-2730
Cory's Direct: 908-376-2748
Diane's Cell: 201-321-3969
Cory's Cell: 973-868-0855
Fax: 908-277-0956
Diane's Email: Diane@Robinson.net
Cory's Email: Cory@Robinson.net

Meet the Robinsons… Diane and Cory are life long residents of the area. They are 3rd and 4th generations to the towns they cover. These towns, which are along the Midtown Direct Train line into New York City, are Summit, NJ with its bustling downtown, Millburn/Short Hills, NJ with its winding lanes, Chatham, NJ with its unique charm, Madison, NJ with its diversity, New Providence, NJ with its welcoming community, Berkeley Heights, NJ with its quiet streets and Harding Township, NJ with its picturesque countryside. Diane has been a top producing realtor here for 20 years. She works with Buyers, Sellers and Relocating Transferees and produces over $30 million in sales and listings each year. Cory joined her in 2005 bringing to the team her background in real estate law and expertise in web technology and Green Building. Together they are a dynamic team that will provide you with the finest there is in real estate service. Get on board with the best…

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You can find great local Summit, New Jersey real estate information on Localism.com Diane & Cory Robinson is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.






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