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Old 07-04-2013, 10:37 AM   #1
eltz1
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Why? Seller to pay closing costs...........

So I made offer on BLT. The seller accepted the offer which included "seller to pay closing costs" Contract comes. First prob: contract comes with "buyer to pay closing costs"

So I pointed that out. They changed it.

New contract. Seller to pay closing costs up to 505. Buyer pays rest.

Once again they accepted an offer to pay closing costs. The offer doesn't say "some" closing costs.

So what's going on here? Any thoughts?
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Old 07-04-2013, 10:46 AM   #2
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Originally Posted by eltz1 View Post
So I made offer on BLT. The seller accepted the offer which included "seller to pay closing costs" Contract comes. First prob: contract comes with "buyer to pay closing costs"

So I pointed that out. They changed it.

New contract. Seller to pay closing costs up to 505. Buyer pays rest.

Once again they accepted an offer to pay closing costs. The offer doesn't say "some" closing costs.

So what's going on here? Any thoughts?
What are your expected closing costs? If they are $505, then the term of the contract sounds reasonable, and appears to reflect what you have agreed to. The seller doesn't want to be on the hook for any more closing costs, although hopefully there will be none above $505.
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Old 07-04-2013, 10:48 AM   #3
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Originally Posted by eltz1 View Post
So I made offer on BLT. The seller accepted the offer which included "seller to pay closing costs" Contract comes. First prob: contract comes with "buyer to pay closing costs"

So I pointed that out. They changed it.

New contract. Seller to pay closing costs up to 505. Buyer pays rest.

Once again they accepted an offer to pay closing costs. The offer doesn't say "some" closing costs.

So what's going on here? Any thoughts?
While this does sound strange, I wouldn't worry about it too much. Closing costs are estimated at the time you go to contract and in my experience, my closing costs have never been exactly what they have been said in the contract. However, the variance was never more than $50 in one direction or the other. I have only purchased through Fidelity, though, and I don't know if other contracts work this way.

If you're not comfortable with this then I would ask your broker. If it were me I wouldn't worry about it.
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Old 07-04-2013, 10:56 AM   #4
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So what's going on here? Any thoughts?
They're renegotiating. IMO, it's a sign that they're not super experienced at this kind of thing, and/or their broker isn't giving them the help they need. It might also mean that they are having second thoughts about the deal, which could spell a problem if they decide to back out later. Which they can, as a practical matter, until they send their notarized signatures on the final deed transfer.

But is this a deal-breaker for you? Then don't sign; get back to them with the message that your offer was for the sellers to pay all closing costs, and that offer stands. If it isn't a deal-breaker, just roll your eyes, sign it and move on.

I don't know the size of contract you're talking about, but unless it's huge, the closing costs are not likely to be much over $505 anyway.
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Old 07-04-2013, 11:51 AM   #5
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They're renegotiating. IMO, it's a sign that they're not super experienced at this kind of thing, and/or their broker isn't giving them the help they need. It might also mean that they are having second thoughts about the deal, which could spell a problem if they decide to back out later. Which they can, as a practical matter, until they send their notarized signatures on the final deed transfer.

But is this a deal-breaker for you? Then don't sign; get back to them with the message that your offer was for the sellers to pay all closing costs, and that offer stands. If it isn't a deal-breaker, just roll your eyes, sign it and move on.

I don't know the size of contract you're talking about, but unless it's huge, the closing costs are not likely to be much over $505 anyway.
I don't think that they're renegotiating so much as trying to limit their exposure. But I agree, they are not getting good advice/service from the broker. I also think that it's an eye roll situation.
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Old 07-04-2013, 01:01 PM   #6
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So I made offer on BLT. The seller accepted the offer which included "seller to pay closing costs" Contract comes. First prob: contract comes with "buyer to pay closing costs"

So I pointed that out. They changed it.

New contract. Seller to pay closing costs up to 505. Buyer pays rest.

Once again they accepted an offer to pay closing costs. The offer doesn't say "some" closing costs.

So what's going on here? Any thoughts?
It's unlikely closing will be more than that. They likely estimated closing costs and took that number which is likely why it's an odd number. It's not uncommon to limit closing when seller is paying it or even when buyer is paying in some situations. I wouldn't sweat it if you're OK with the rest of the details.
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Old 07-04-2013, 01:48 PM   #7
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It's unlikely closing will be more than that.
Unless you are talking about an Aulani deed. Many Aulani resale transactions have estimated closing costs of $900 or more.
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Old 07-04-2013, 02:09 PM   #8
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Unless you are talking about an Aulani deed. Many Aulani resale transactions have estimated closing costs of $900 or more.
This is for OC (BLT) but point well taken. SC and likely CA will be more than FL as well.
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Old 07-04-2013, 04:58 PM   #9
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I can assure you it was a paperwork problem not a seller problem
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Old 07-05-2013, 02:29 AM   #10
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Closing costs are estimated. If you look at the closing costs for a house, they are also estimated.

However, it was agreed that closing costs are paid, 100%, by the seller. Without knowing how many points are involved, it may not be over $505 anyways. Is it the 160 feb uy that TSS has? If so, closing costs sound about right. I would contact the broker to double check.

As a buyer, I have paid over closing costs in the past and have gotten a check back for the difference, usually it was less than $10.

Last edited by RSWA2; 07-05-2013 at 02:35 AM.
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Old 07-05-2013, 07:22 AM   #11
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160 points. blt. What does Feb use year mean?
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Old 07-05-2013, 07:32 AM   #12
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160 points. blt. What does Feb use year mean?
Feb use year means February is the anniversary date for when you received your next set of points. You should receive 160 points on Feb 1st 2014 (provided your seller didn't already borrow these points.)
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Old 07-05-2013, 08:21 AM   #13
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160 points. blt. What does Feb use year mean?
As mentioned, every February 1st, you will start your current UY and it will be important in terms of banking deadlines, times of travel, and when you can borrow points.

Points have to be banked within the first 8 months of your UY. When you make reservations, everything is based on the UY you are traveling and that will help determine the points you can use.

If you travel in the last few months of your UY and have to cancel or change a trip more than 31 days out, those points will still expire at the end of the UY, which is why many try to get a UY that falls just before typical times of travel.

Right now, you are in your 2013 UY, which runs until January 31st, 2014. If you still have 2013 points, those need to be used by that date, unless you bank them--by September 30th, 2013.
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