Can anyone explain the process of closing. For example if I found a house that was FMV at 5o thousand and the seller agreed to 20. At what point and how would all parties involved split the equity. The buyer (who I think gets a share,not sure though), the real estate agent (if one is involved), the broker (if one is involved), and the fees to the closing atty or title company. How do I decided who gets what? Is it percentage based? Or are those my decision to arrange; or not to arrange?
Is there there a post that already talks about this subject, any information would be helpful.
Can anyone explain the process of closing. For example if I found a house that was FMV at 5o thousand and the seller agreed to 20. At what point and how would all parties involved split the equity. The buyer (who I think gets a share,not sure though), the real estate agent (if one is involved), the broker (if one is involved), and the fees to the closing atty or title company. How do I decided who gets what? Is it percentage based? Or are those my decision to arrange; or not to arrange?
Is there there a post that already talks about this subject, any information would be helpful.
Thanks for Your Time.
RBB