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Joab Cardona
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First Property Purchase

Joab Cardona
Posted Apr 2 2024, 16:04

Currently in the phase of buying my first property and needed some clarification if I’m getting screwed or not I’m in Rome, Ga and that is where I’m purchasing the home it’s a flip that was a 3 bed 1 bath but has been flipped into a 4 bed 2 bath the asking price is $214,900 originally 230k but the seller wants a quick sell my agent told me we should give them the asking price and ask for them to pay 5k closing close I wanted to ask for 190k and same closing cost but agent said they wouldn’t take us serious so I agreed to agents terms as I’m signing paperwork electronically I see closing cost is 17k since seller is paying 5k brings it down too 12k but being in Georgia I am approved for Georgia dream which covers closing and some of down payment now when I sign at closing I have to pay 6k I’m wondering why is closing 17k my friend bought a property his closing cost was only 10k granted he bought his property for 189k but I feel like my agent isn’t really trying to get me a good deal should I back away from this property, find a new agent, go through with this purchase, or am I getting screwed in the process? 

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Kimberly Abeln
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Kimberly Abeln
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Replied Apr 2 2024, 17:41

Your Realtor isn’t responsible for your loan, nor any part of the closing costs (except their commission.) You chose your lender and you can also choose to find a new one, although it may cost you the deal and your earnest money. A good Realtor should be able to explain the Closing Disclosure (including closing costs) to you line by line, but really your lender is responsible for educating you on your closing costs inc. their fees, prepaids, points, etc. These will be different for every loan.Without seeing your Closing Disclosure it’s hard to say why your closing costs are so high. Ask your loan officer to explain them to you. 

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Joab Cardona
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Joab Cardona
Replied Apr 2 2024, 18:02

Thank you I thought the realtor was responsible for all but thanks for clarifying my loan officer is responsible I’ll be sure to ask why the cost is so high. First property like I said so I just don’t want to feel or be taken advantage of especially since most things you can only learn from the process and not just the books we read

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Bruce Woodruff
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Bruce Woodruff
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Replied Apr 3 2024, 11:14

Advice: 1) Check out the permit status with the City - ask for open permit vs closed permits. You wouldn't want to get stuck with a property that had a major flip done with no permits.

2) Try using punctuation next time. Most people will not bother to read your post when it rambles like that.