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re: Let's talk closing costs for home buyers
Posted on 3/20/16 at 11:02 pm to dualed
Posted on 3/20/16 at 11:02 pm to dualed
An agent may have *some* influence over the seller. It depends on their relationship and history, most likely. But for most sellers it mainly comes down to how strong your (net) offer is, how hot the market is and how motivated the seller is. Sellers and agents want clean contracts.
If it's a hot market, where all cash/no financing contingency offers tend to float through, or the request is part of an overall weak offer (full of contingencies), yeah, all they can do is say no or counter. Also, if it creates the perception that you're a marginal buyer that's strapped for cash, they may pass your offer over. You're only "the man with the money" if you have cash in your pocket or don't ask for a financing contingency.
If you have time to shop, there's no harm in trying.
If it's a hot market, where all cash/no financing contingency offers tend to float through, or the request is part of an overall weak offer (full of contingencies), yeah, all they can do is say no or counter. Also, if it creates the perception that you're a marginal buyer that's strapped for cash, they may pass your offer over. You're only "the man with the money" if you have cash in your pocket or don't ask for a financing contingency.
If you have time to shop, there's no harm in trying.
1
Posted on 3/21/16 at 9:16 am to Jag_Warrior
As others have said, the main reason for seller paid closing costs is because they are $3-5000 for a "starter" home. Someone with 5-10% down on a $150,000 house is looking to need up to 50% more money to buy just to cover closing costs. So the option is to save $10,000 and find someone that will cover closing costs or wait 1 more year to buy and save $5000 more.
To a half brained seller, its all semantics.
a.) Sell house for $155,000 with $5,000 closing costs
b.) Sell house for $150,000 with no closing costs
I'm sure there are idiots that sell the house for $150,000 with $5000 closing costs though
.
To a half brained seller, its all semantics.
a.) Sell house for $155,000 with $5,000 closing costs
b.) Sell house for $150,000 with no closing costs
I'm sure there are idiots that sell the house for $150,000 with $5000 closing costs though
. This post was edited on 3/21/16 at 9:18 am
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