Cash to close jumped up by 42.3%

My estimated cash to close jumped from 8k to ~12.5k in a matter of 12 days. Is this normal?

What changed? 1. Once the offer was accepted I updated my pre-approved application with the property address type etc. MLS and my agent showed the property as a “Townhouse” so I entered the property type as Townhouse on the loan application. Whereas in the appraisal and title the property was considered a “Condominium”. 12 days later, I was informed that I owe $2700 extra because the property type changed to a condominium. They deducted this amount from the lender credits. Does the property type really drive up the interest rate/ points by this much?

Section c. Services you can shop for changed from $600 to $2000. Makes me think the lender deliberately underestimated this.

How can I negotiate the cost back to the original estimate or atleast closer? I want this deal to come through successfully.

submitted by /u/ronela29
[link] [comments]

My estimated cash to close jumped from 8k to ~12.5k in a matter of 12 days. Is this normal? What changed? 1. Once the offer was accepted I updated my pre-approved application with the property address type etc. MLS and my agent showed the property as a “Townhouse” so I entered the property type as Townhouse on the loan application. Whereas in the appraisal and title the property was considered a “Condominium”. 12 days later, I was informed that I owe $2700 extra because the property type changed to a condominium. They deducted this amount from the lender credits. Does the property type really drive up the interest rate/ points by this much? Section c. Services you can shop for changed from $600 to $2000. Makes me think the lender deliberately underestimated this. How can I negotiate the cost back to the original estimate or atleast closer? I want this deal to come through successfully. submitted by /u/ronela29 [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!