buying a house

**lykaru** · 12-18-2008, 07:06 PM

My husband and I are in the process of buying a house right now. but before i decided to get my broker right now i shop around first. well i thought my broker has the best deal and lower closing cost. he told me that my the total of my closing is $7000.00 and if the seller agree to pay for it i'm only gonna pay $1164 which the 1000 is the hand money deposit. after that i dont have pay anything. but when we make an offer for 142,000 and 6000 seller assist and i will pay the 1000. the seller accept my offer.i thought evrything is doing well. but when i recieve my goodfaith and read it. it ses that i need to pay $1164 besides the 1000 that i gave my realtor for the hand money. i ask them about the hand money i gave them if i can used it for my 1000 closing cost.my broker ses that they already credited it to my closing cost. but i still need to pay $1164 for est prepaid item. which i have no i dea becoz i thought i'm only paying 7000 all in all for closing cost. now i have to pay an extra.. so the real total of my closing cost is $8164 not 7000. that he never told me in the beginning. and another problem is the $6000 closing cost that supposedly seller assist is on the top of my loan. they added the 6000 to loan and my realtor said its seller assist. which i dont understand becoz its useless they accect my offer that they will gonna pay for closing which is 6000 but when i look at my goodfaith estimate it added up on my loan. now my total oan amount is $148000 coz they the 6000.can u please help. we're first time home buyer. we dont know anything about real estate. they lied to us that the seller is paying the closing cost but it ended up in my loan.my realtor didnt explain it to me that i will still ended up paying all the closing cost. its just went circle.

**LVrealestateHELP** · 12-18-2008, 10:30 PM

What State are you in?

**lykaru** · 12-19-2008, 03:28 AM

Were In Pennsylvania

**LVrealestateHELP** · 12-19-2008, 10:12 AM

I am not too familiar with PA real estate my friend. I am in Las Vegas and I had never heard of "hand money deposit" before that is why I was asking. Has anyone else here heard of that term before? Is that a term used in other places other than PA?

**First Time Home Buyers** · 12-20-2008, 11:24 AM

I understand your frustration.

Real Estate is not an exact science. The initial Good Faith Estimate (GFE) is just that ----> An Estimate.

How many times do you shop for clothes, or food, and see the price tag: $15.95.

But then you get the checkout and it rings up: $17.25.

Well, it's somewhat the same in buying a home. The Property taxes and fees cannot be 100% predicted before the offer is accepted and documents are gathered for the sale.

Changing the closing date can also affect the price you pay in closing costs.

I know you may be on a tight budget, and so make sure you get as much information as you can before hand. Always let your agent know your predicaments and your budget.