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Updated over 1 year ago,
Closing costs "covered"
Hi everyone, I was wondering if you guys and gals could please give me any feedback regarding this topic? A realtor and a mortgage company have told me that all of my closing costs can be covered at my closing. Basically they use a strategy where the sale price is agreed to by myself and the seller. Then during the appraisal process, they get the appraiser to say that the home is worth more than the agreed upon amount. This allows me to then receive the extra funds from the bank and use it to pay for my closing costs. Is this a legit process? Has anyone else done this? Does this sound like a good idea? Please lmk, this will be my first home purchase and I'm trying to be as strategic as possible.
Thanks
BPJ