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It is very common for home buyers to finance 100%
of their home's purchase
price these days - especially in states where soaring property values
can
yield a quick return on equity in a short amount of time.
Not only are you able to finance 100% of the asking
price of the home, but you can negotiate with the sellers of the
home to pay for all or most of your closing costs and prepaids.
This is done by raising the sales price by the amount of the buyer's
mortgage costs and pre-paids. Your Realtor® will help you with
the negotiation process. And you are now able to purchase a home
with little or no money out of pocket.
Example:
You've found a home that you want to purchase, and
the asking price is
$200,000. A qualified Realtor®, referred to you by Connectity.com,
will
call the selling agent and make an offer on your behalf to purchase
the
home for $205,000. This accounts for the sellers' contribution of
$5,000
toward your closing costs and pre-paids. The sellers still collect
their
original asking price of $200,000 and give you back $5,000 to cover
your
estimated closing costs.
This allows for several benefits to you,
the homebuyer:
- Keeps your money in hand for home improvements,
painting, carpet,
landscaping, etc.
- Mortgage rates are still very low; It's always
better to use someone
else's money.
- Nice tax write off.
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