Buyer Paying Seller's Fees

Posted By: Christine81

Buyer Paying Seller's Fees - 11/26/13 07:46 PM

The Buyer agreed to pay the Seller's closing costs. Should these be disclosed on the GFE? At the time of the initial GFE we were not aware of the agreement.
Posted By: RR Joker

Re: Buyer Paying Seller's Fees - 11/26/13 07:55 PM

No. You will show them in their respective (normal) places and give a credit/debit on page 1.
Posted By: Christine81

Re: Buyer Paying Seller's Fees - 11/26/13 08:01 PM

Thanks for the confirmation and quick response.
Posted By: Truffle Royale

Re: Buyer Paying Seller's Fees - 11/27/13 02:02 AM

You are prohibited from requiring verification docs prior to issuing the GFE.
Some of us take that out to mean, even if the borrower brings docs in at time of application, don't even look at them till after the GFE has been issued.
That way you cannot be confused by items that appear as a condition of the Offer to Purchase.
Remember, the GFE is only supposed to reflect the normal costs of getting the LOAN, not purchasing the specific property.