You can expect to pay the same in closing costs as you would in any standard, non-Ribbon home purchase.
There are two options for the first closing, either Ribbon purchases or the buyer does.
- If Ribbon purchases the home on your behalf, we would pay for the buyer’s share of closing costs. That comes out of our 1.95% fee.
- If you secure financing and purchase the home, you would pay your relevant closing costs as normally expected. You will also receive a 0.5% rebate on the purchase price of the home.
When we buy the home initially and then you purchase the home back from us, you would be responsible for paying the buyer’s share of closing costs on that second closing only. Ribbon will pay any seller costs on the repurchase closing.