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hazyangelgirl | Who Should pay closing Cost? |
I am a buyer and I want to ask that the seller pay closing cost but my realtor keeps telling me to just pay it myself to make the offer prettier. What do you think? |
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glenn
 |
The bottom line is that the seller looks at their bottom line.
If you offer to buy my house for $100,000 but ask for me to pay $3000 of your closing costs that is the same as if another person offered me $97000 for the house (except I may have to pay commission on the extra $3000). In a real sense the seller is not paying the closing costs but the buyer is rolling the closing costs into the 30 year mortgage.
You have to decide which works best for you before you make the offer. Would you rather get the house a little cheaper or keep more cash in your pocket. (If you don't have the cash then you have no choice-you need the seller to pay your closing costs).
I don't think there is a right or wrong answer here for the whole world, just right or wrong for you.
There are some unsophisticated sellers out there that can't get past the fact you are asking them to pay for your mortgage loan costs...and that bothers them a lot. Also it becomes a real issue very often in a short sale situation. Perhaps the home you are dealing with is one of these situations. |
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Sharon
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It never hurts to ask.
Real estate is all about negotiating. |
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dramboldt
|
I agree with most of the answers; however, in a competitive "seller's market", your offer could get bumped to a better offer where closing costs are paid by the buyer. It really depends on the market and how the offer is structured.
It is not unreasonable to ask for the seller to pay closing costs, just make sure it doesn't cause you to lose the home.
I would also suggest that you contact your realtor's broker or local Realtor's association and get their opinion. If the realtor is acting as a dual agent (working for the buyer and seller), that may cause them to lose some of their commision.
Just a thought and good luck!! |
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shamieya
 |
it depends on your market, but you can still ask for closing costs. your closing costs are your responsibility so you have to pay them, but in many markets, sellers will pay the closing costs to get the deal done. you can also ask that the closing costs be split. but if your market is one of the few that is still popular right now and there is low inventory, that may be why your realtor is suggesting this to you. |
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gdsblsn
 |
Who pays is determined by the agreement and acceptance of the said agreement made by both buyers and sellers. In my area, it is customary for the seller to pay but I have seen many instances that both parties agree to split costs or the seller paying all costs (buyer and seller).With the Real Estate market the way it is now, many sellers are offering to pay closing costs just to seal the deal. |
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Rick K
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I would ask seller to pay half your Realtor should advise you the same worst case they can say no have them pay up to 3% if you are offering listing price |
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sh752
 |
I have bought and sold many houses over the years and it depends on the circumstances. If the sellers are real anxious to sell, they may go for it. You might consider asking them to split the costs. Bottom line, it never hurts to ask. It has saved me a lot over the years. |
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Meg
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There are closing costs for both buyer and seller. You can ask that the seller pay your portion of the closing costs. In terms of strength of offer, it all comes down to the net number for the seller. For instance, a price of $200,000 with seller paying say $5,000 of buyer's closing costs is a net to the seller or $195,000. So, would be like offering seller sales price or $195,000 with no closing costs. Listen to your realtor!!! They know the market area and know what is customary in the area...it varies so vastly from city to city, state to state. Good luck. |
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Jeanette
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i think your realtor wants to make her commission and not let you jeopardize the sale.... her job is to guide you... not tell you what to do... with the market the way that it is, the seller probably doesn't have a bunch of offers to choose from. if you are not offering less than the asking price i do no think it is unreasonable to ask the seller to pay closing costs... on my home purchase i offered less than the asking price $3K and we split the closing costs... ( that is always an option also ) |
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I_Love_McRedneck
 |
It's VERY common to ask the seller to pay closing costs. When we sold our house, we priced it so that we'd allow ourselves the ability to pay if asked. Most first time home buyers don't want to pay these costs, so sellers expect it.
You just really need to do whatever you feel most comfortable with. The seller doesn't HAVE to negotiate with you, he can flat out refuse your offer - but in today's market, that's highly unlikely. He's got a number in his head that he needs to sell for, so as long as your offer isn't laughable - I'd say go ahead and ask the seller to pay your closing costs! |
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Mike
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the buyer usually pays the closing costs. |
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Carolinahomerates.com
 |
dont listen to the realtor. it's your home your financing.
you can have the seller pay closing costs....i would definitely ask for it. most loans i do has the realtor pay for all closing costs. good luck |
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