How much can the seller pay towards my closing costs?
Good question. I’ll start by saying that every loan program varies and another consideration is if the buyer is getting downpayment assistance. Sometimes a seller can pay all of a buyer’s closing costs, which is about $4,500 on a house around $250,000. I’m not going to explain how the charges are calculated, go online and search lender programs.When a buyer gets downpayment assistance, the lender likes the buyer to have “some skin in the game,” and may make the buyer pay at least $1,000.When the housing market is slanted towards the Seller, then buyers usually do not risk losing the house bid by asking for closing costs. Unless of course, the house has been sitting on the market longer than the norm (I always check). In a buyer’s market why then a seller is more likely to agree to pay the buyer’s closing costs so that they will be considered more favorably than the other listed houses in the neighborhood.Again, anytime you are buying a house, ask your lender for a good faith estimate, they can provide this once you have a price range targeted. This document wlll allow you to compare one lender to another. Both will provide an estimate that is most usually high, but it gives you a solid plan to move forward with a purchase.Lastly if you want to be ahead of the game, don’t simply get Pre-Qualified. (Lenders check your credit rating and input what you say you make and what you have for debt. Instead, get Pre-Approved. With your Pre-Approval letter, real estate agents know that the lender has looked at your past 2 years of tax returns, which tells them if you own a minority interest in a losing business, if you had breaks in your employment, perhaps all of your overtime cannot be accredited to your salary. I could go on and on.In my eyes, a Pre-Approval letter is golden and a Pre-Qualification letter tells me I could get a call terminating the transaction a week before closing because of an undisclosed financial situation. No one wants this, so get Pre-Approved as you are starting to look at homes. It doesn’t take long and everyone can sigh with relief. (PS - this still doesn’t prevent the transaction to disqualify for a loan, so don’t go out and buy a vehicle or other high-cost items until the house is purchased.) Good luck!
When buying a house, how to have the seller pay for closing costs?
You ask “how to have the seller pay closing cost”. We include this as a clause in the buyer’s purchase offer. “Seller agrees to pay up to “x” % or “$$” of the purchase price towards the buyers prepaid expenses and closing cost.” VA allows the seller to pay up to 4%, FHA and USDA allow seller to pay up to 6%, Conventional allow the seller to pay up to 3%. FHA still requires the buyer to have at least 3.5% of their own money in the deal. I’m not sure what the other type loans might require from buyer input. Some lenders may impose additional requirements of their own. It is important that both parties understand that seller contributions toward the buyer’s expenses mean the seller will have a lower net at settlement. The price can be adjusted so as to meet the seller’s net requirements even with these contributions. Back in the 80’s appraisers argued about whether or not these seller contributions should be reflected as an adjustment to the price. I’ve not seen our local appraisers making any adjustments for seller contributions in recent years.
How much does it cost to fill out a swimming pool?
The average price of water in the United States is about $1.50 for 1,000 gallons. The water required for a pool is in between 15000 gallons to 25000 gallons, you can do the maths now. One important thing is that ask your pool construction company that, is it ok to fill up water continuously or not. They can suggest you in a better way.
Is a cyber cafe business in India still profitable?
It is most profitable business in current situation. Normal people will think Cyber cafe has only PC, Internet and print out. If you provide following services then you can earn more than 1.5 lakhs only in direct profit.(personal experience from Chennai).Fund transfer and micro atms. People need immediate transfer and if your cafe is open from 9 am to 10 pm you can cross 800 to 1500rs per day. Bank Holidays higher profits.Train ticket agent. Avoid personal login booking. Non bailable offense.Seat seller Agent(red bus).Flight ticket, Tour planner and hotel booking.Visa Services and passport.Pan card and DSC.IT returns and GST filings. Tie up with local Tax people or learn yourself. IT return filing for Salaried people is much easier.EB payment, postpaid, rechargesCredit card payment.Movie ticketsCollege and school fees paymentsExam fees(state and Central)Online form filling for exams from Neet to UPSC.Certificates from caste, Employment, Life, birth and death.Corrections in Aadhar, PAN any online documents.Life insurance renewals and royalty if you are LIC agent.bike and car insurance, road tax etcCurrency exchangeXerox , Plastic card , Color print out & Lamination For cropping, resizing additional cost.PF update and withdrawal.International and local Courier if you have space.Ola collections, Paytm KYC etcTTD, Sabarimala, Shirdi darshans.Typing in local languages & EnglishLand EC checking, Online tax paying like water, property etcIn some states there are different online schemes to get enrolled, renewals and withdrawals.CIBIL Score certificateCredit card swiping(2 to 3% commission)Moreover with digital India, people are looking for local knowledge nearby.All payments are becoming digital and cyber cafes with good reputation will give you best returns. Make sure your cafe never closes on any day even for lunch break. Trust, reliability, friendliness will yield positive feedback from customers.No matter how many Smartphones, Paytm, TEZ services comes, People looks for specific Knowledge locally. You can be creative and make changes as per consumer needs and requirements in future.Your cafe should be one stop solution for all. Use credit cards to make online payments which gives you back rewards points in most cases.Reward points alone provides more than 1 Lakh if you use continuously(indirect profit) and specific bank cards only provides 4x to 10x benefits while using online.Make sure you use Credit card after statement date so that the money will be in rotation for 50 days. My Statement generates on 10th January and due date is 30th January. I will start using from 11th January and Next due date is on February End or March 1st week. That gives me 45 to 49 days.Have 3 to 5 or more credit cards and be calculative on when, where and how to use. Minimum use if emergency arise.CAFE should be at center point or near to bank area for visibility. Even top geek will have to set foot once to avail one of the services above. Trust is one thing that make business popular. It takes more months to avail.Google, Digital God.
When buying a home, is it better to negotiate a lower price for the home and pay closing costs out of pocket, or is it better to negotiate a higher cost for the home and have the seller pay closing costs?
When you’re buying, cash is king, because you’re leveraging it.If you’re doing a fixed loan, you’re basically just taking out the closing cost amount as a 30 year loan. And you can’t really get any other loan for a few thousand dollars for 4% over 30 years… it’s really favorable terms for a fixed payment over the course of time, where inflation will render the difference in monthly payment negligible by the end of the term.Even if you don’t need the money, take it and try to invest it in something that pays more than 4%, and it’s free money.There’s almost no reason not to have the seller pay the closing costs.
How do I fill out form 26QB for TDS in case of more than one buyer and seller?
Hi,Please select Yes in the column of Whether more than one Buyer/seller as applicable, and enter the Primary Member details in the Address of Transferee/Transferor & no need of secondary person details.The reason to include this is to know whether the agreement includes more than one buyer/seller, so the option is enabled.Hope it is useful.