Seller’s Concessions

When I purchased my first home, I was 23 and I was totally in the dark. I had a small chunk of change in the bank to cover the down payment, a little bit of income, enough to cover the monthly mortgage payment and, wow, I qualified. Then one day the lender mentioned closing costs. This was the first time I ever heard of this and I was already under contract. My stomach sank. My stomach sank and nearly touched the floor when I heard “approximately $10,000 is what the closing costs will be.” I was worried about affording replacing the rickety back door, never mind $10,000 in closing costs. “Well, guess I’m renting an apartment” I thought to myself, “Who do I tell that I’m backing out?