House selling advice for closing costs

[cardiackat88.]

To make a long story short, my family and I are a little desperate to get out of the house we are in now.

I also work overseas and haven't been able to be involved in the business dealings of it that much, leading me to believe my wife is being taken advantage of.

Anyways, the closing costs may be between 10-20K.

This realtor has already come off as a dunce to me multiple times, and seems to think people have that much laying around or can just instantly get approved for it.

I asked for a personal loan and my bank denied my when I mentioned it was for closing costs.

Is this a normal thing? Will the bank I have the mortgage with not just be more than happy to have more of my money?

I really REALLY didn't want to go to my bank today, and I got the answer I was sure I would get in being denied.

With this, what are some options I have? I am basically screwed on the amount and all, but how does this normally work?

 

[LinvilleGorge]

Do you not have any equity in this property? Usually the closing costs just come out of the proceeds of the sell.

[Khyber53]

Closing costs are taken out at the time of the sale from the proceeds of the sale. They want it up front? I think you are being scammed or you are seriously upside down on the home mortgage. 

The amount seems high, too. Are you paying both the buyer and the seller's closing costs? It's not unheard of, but it is very unwise. 

You might want to give this website a view: NC Real Estate Commission https://www.ncrec.gov/ . And check to make sure that your real estate agent is licensed and is a Realtor. There are serious requirements to be a Realtor, including ethical and educational standards.

 

[CRA]

2 hours ago, Khyber53 said:

Closing costs are taken out at the time of the sale from the proceeds of the sale. They want it up front? I think you are being scammed or you are seriously upside down on the home mortgage. 

The amount seems high, too. Are you paying both the buyer and the seller's closing costs? It's not unheard of, but it is very unwise. 

You might want to give this website a view: NC Real Estate Commission https://www.ncrec.gov/ . And check to make sure that your real estate agent is licensed and is a Realtor. There are serious requirements to be a Realtor, including ethical and educational standards.

 

If it's a new purchase, it could be easy in today's market to be upside down. 

[Khyber53]

22 minutes ago, CRA said:

If it's a new purchase, it could be easy in today's market to be upside down. 

Very true. 

[Anybodyhome]

9 hours ago, cardiackat88. said:

Anyways, the closing costs may be between 10-20K.

if your agent hasn't done any better than give you a $10k margin of error on the closing costs calculations, I'd fire him yesterday.

9 hours ago, cardiackat88. said:

Is this a normal thing?

No. As stated before, closing costs are part of the settlement and are doled out at closing (hence, the name "closing costs.")

9 hours ago, cardiackat88. said:

With this, what are some options I have? I am basically screwed on the amount and all, but how does this normally work?

Fire your agent and get a reputable agent with an established real estate company. Part of the calculations that go into an asking price are: comps, tax value. real value, current interest rates, etc. As stated before, unless you are asking less than what you owe (upside down); asking less than what will net you anything, including closing costs; or are on the precipice of a bankruptcy (even then you could request a short sale from the bank).

Something seems pretty whack if you're having to take a loss on the sale of a home.

[toldozer]

16 hours ago, cardiackat88. said:

To make a long story short, my family and I are a little desperate to get out of the house we are in now.

I also work overseas and haven't been able to be involved in the business dealings of it that much, leading me to believe my wife is being taken advantage of.

Anyways, the closing costs may be between 10-20K.

This realtor has already come off as a dunce to me multiple times, and seems to think people have that much laying around or can just instantly get approved for it.

I asked for a personal loan and my bank denied my when I mentioned it was for closing costs.

Is this a normal thing? Will the bank I have the mortgage with not just be more than happy to have more of my money?

I really REALLY didn't want to go to my bank today, and I got the answer I was sure I would get in being denied.

With this, what are some options I have? I am basically screwed on the amount and all, but how does this normally work?

 

Please tell me what state you're located in. Everything you've said about this situation is INSANE. If you're in NC or SC sellers closing cost is minimal unless you agreed via contract to pay the buyers cc. I'm happy to look at the contract stuff you've signed if you're outside of NC/SC.  I'm assuming contract language is mostly the same in every state. PM me I'll give you my email address and you can send over them and I'll look. If you're in NC or SC I can't ethically help you if you've signed an agreement with this "agent" you keep referring to

[toldozer]

17 hours ago, cardiackat88. said:

To make a long story short, my family and I are a little desperate to get out of the house we are in now.

I also work overseas and haven't been able to be involved in the business dealings of it that much, leading me to believe my wife is being taken advantage of.

Anyways, the closing costs may be between 10-20K.

This realtor has already come off as a dunce to me multiple times, and seems to think people have that much laying around or can just instantly get approved for it.

I asked for a personal loan and my bank denied my when I mentioned it was for closing costs.

Is this a normal thing? Will the bank I have the mortgage with not just be more than happy to have more of my money?

I really REALLY didn't want to go to my bank today, and I got the answer I was sure I would get in being denied.

With this, what are some options I have? I am basically screwed on the amount and all, but how does this normally work?

 

Also the bank probably thought you were wanting a loan for closing costs on a mortgage

[cardiackat88.]

5 hours ago, toldozer said:

Please tell me what state you're located in. Everything you've said about this situation is INSANE. If you're in NC or SC sellers closing cost is minimal unless you agreed via contract to pay the buyers cc. I'm happy to look at the contract stuff you've signed if you're outside of NC/SC.  I'm assuming contract language is mostly the same in every state. PM me I'll give you my email address and you can send over them and I'll look. If you're in NC or SC I can't ethically help you if you've signed an agreement with this "agent" you keep referring to

This is Illinois.

My wife has basically had to do this all alone and is really easily duped.

[cardiackat88.]

Thank you so much, everyone who has replied and offered me assistance.

I am about fed up with this realtor.

He is representing me, the seller, as well as the buyer.

I also just got stuck with a nearly 3.5K bill from a very suspicious mold removal company due to this realtor basically bugging the living hell out of my wife to have it looked at.

I have sent him an aggressive text about the situation. I live and work overseas so the time zones are almost 15 hours apart, but I can text him over Imessages.

I think my next step is to tell him the closing costs need to be 0 AND the mold crap is now his problem or he can forget selling the house.

Is that a foolish threat? 

[cardiackat88.]

UPDATE:

I have called this effing idiot and absolutely laid into him.

The final straw is when he asked my wife if she could get car title loans to pay off the 15k in closing.

I told him that if the closing cost was not 0 and the mold remediation was not paid in full by his realty company then he can forget I exist.

He kept saying “I am trying to help her get the money” and I have never laid into anyone so hostilely over the phone.

When I told him the deal was off unless he met my stipulations he says “I would hate to see the deal not go through” which I screamed at him “YEA! I BET YOU WOULD. YOU ARE BUYING AND SELLING THIS HOUSE. YOU HAVE A LOT TO LOSE”.

Honestly, I wouldn’t be surprised if HE backs out of the dealing citing that I am a psychopath  

My wife has now agreed that I can fire him and just pay on the house while we are overseas. Enough is enough.

[Anybodyhome]

But, the original question remains- why are you supposedly having to borrow money to pay the closing costs?

[toldozer]

2 hours ago, Anybodyhome said:

But, the original question remains- why are you supposedly having to borrow money to pay the closing costs?

Who Pays Closing Costs in Illinois?

Both buyers and sellers pay closing costs, but usually, the homebuyer is responsible for most of them. As a homebuyer, you are encouraged to negotiate with the seller to help cover closing costs, but there’s no guarantee they will agree

 

 

No clue,  i think he's going to send me whatever he signed to look over. Definitely need to report this agent to the real estate commission.

[Khyber53]

Fire the guy, take the house off the market for three months and make the payments. Then call one of the major name brand Real Estate agencies in the town and get them to list it for you. They have a vested interest in not screwing their customers.

Or, alternatively, you can ask them if they offer rental management services and go that route on the property.

But lost that dude. He's scamming you four ways to Wednesday.