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SQD | As a seller, can I offer 3% back to buyer for "closing costs"? |
My house is competetively priced, it has new floors, new paint, new landscaping, it's staged, etc., it's just a slow market and it's sitting--few people are looking and those that have, lower income need help with their down payments even though they can qualify for loans (?). I'm willing to swallow 3% to help them help me, i.e. if they give me a full price offer I'll give them 3% for closing costs. Does this help matters, is this kosher?
And how would this be worded?
THANKYOU
Additional Details
BY THE WAY --- it IS listed, only I am doing all of the work!!! |
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m j
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Yes, up to 6% with some lenders |
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Pure Genius
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it may vary from state to state but you can definitely do that ask your realtor they should also know...its a great incentive for the buyer, it should work good for you.. found some great home selling information, they may not be for your area but its really useful, good luck!
http://www.goduckcreek.net/
http://www.goduckcreek.net/HelpCenter.html |
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jplrvflyer
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Talk to your agent.
You can offer allowances for stuff, but I don't know what. Your agent should. |
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godged
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You can do this. And it does help.
The wording: Seller will contribute up to 3% of closing costs with acceptable offer.
Even FHA allows the seller to contribute toward closing costs.
Good luck on your sale. |
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RB
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Check with your agent to see if it is legal in your state. Instead of paying closing cost, you may want to pay points on their loan. Points are tax deductible that you can claim on your taxes. |
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Atlanta Realtor
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Yes, you can certainly offer it. The amount may be limited by the buyer's lender, as part of their qualifying may be to fund a certain amount themselves. But, cross that bridge when you get to it. Make sure that your Realtor puts that incentive in the MILS and in the marketing materials. And, why isn't you agent doing anything? Call their broker and get reassigned to an experienced agent who can answer questions like this and do all the work for you! Lazy agents make my job harder... |
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Open Book Advisors™
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Right now in our area it is all but expected for sellers to pay closing costs.
Stating that is not necessarily going to heat up the interest in your property right now.
If you are selling yourself, you may want to offer a buyers agent 3.5% to give them incentive to show your home. Agents usually steer their buyers away from FSBO's in my experience. I think that might help as much if not more than stating 'Seller Closing Cost credit". There just isn't alot of qualified buyers out there right now........especially if your home value means a jumbo loan (over $417K)
Good Luck
OBA |
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helprhome
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Yes. But, if you have a listing agreement and they offer full price you will probably still be liable to pay the agent. Read the listing agreement for clarity on this. The way it works is anyone who is a "party to the transaction can offer up some money" Either agent seller or buyer. Good luck sorry for the trouble. Seller contribution to closing costs might work-agent should be able to help! |
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zealot144
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This varies from state to state and from lender to lender. FHA, as example, requires the seller to pay some portion of closing costs.
The way the markets are in most of the country right now, any incentive you offer will help. Your real estate agent is the one to answer this question, and should be familiar with local laws.
If you are not using an agent, be prepared to wait. Statistically, only about 20% of homes offered for sale by owner ever sell. A surprising percentage of those that do sell encounter legal problems that the seller never even imagined.
Good luck! |
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