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Started By
Message
Let's talk closing costs for home buyers
Posted on 3/20/16 at 3:32 pm
Posted on 3/20/16 at 3:32 pm
I know it's going to be hard for you baws, but let's try to stay on topic for this one. Do realtors play a part in convincing sellers to pay a portion of closing costs during a home purchase?
I'm a first-time home buyer. I'm going to ask for the seller to pay a portion of closing costs regardless of which home I choose to buy. My reasoning? They can only say no. I'm the guy with the money looking to buy so I feel like I hold some power.. somewhat anyways.
Let's not turn this into a "you shouldn't buy a home unless you have money for closing costs" thread. That's not the case and it's not what I'm getting at.
What are y'alls experiences with this?
I'm a first-time home buyer. I'm going to ask for the seller to pay a portion of closing costs regardless of which home I choose to buy. My reasoning? They can only say no. I'm the guy with the money looking to buy so I feel like I hold some power.. somewhat anyways.
Let's not turn this into a "you shouldn't buy a home unless you have money for closing costs" thread. That's not the case and it's not what I'm getting at.
What are y'alls experiences with this?
18
Posted on 3/20/16 at 3:33 pm to dualed
I'd post this on the money board. They will help you more so than the OT
Posted on 3/20/16 at 3:34 pm to dualed
Customary for sellers to pay closing, but anything ie negotioable. Expect your agent to convince you to do anything that helps make the sale (commission $$$).
This post was edited on 3/20/16 at 3:35 pm
Posted on 3/20/16 at 3:34 pm to dualed
quote:
you shouldn't buy a home unless you have money for closing costs
This
Posted on 3/20/16 at 3:35 pm to dualed
If the market where you are is like it is in Texas, there are several buyers for each house for sale. The buyer has very little power in this market.
Posted on 3/20/16 at 3:38 pm to shutterspeed
quote:.
Customary for sellers to pay closing, but anything ie negotioable.
??
Posted on 3/20/16 at 3:41 pm to dualed
I'd pay the closing costs if I were selling my house to you, but I'd make it up in the selling price of the home. If you don't want to or have the cash to pay the costs, so be it. See how much that costs you over the life of the mortgage and then let's talk.
Posted on 3/20/16 at 3:45 pm to dualed
Are they pretty much just a theft we pay out of habit? No way a title should equal 4% of a home.
Posted on 3/20/16 at 3:48 pm to shutterspeed
quote:
Customary for sellers to pay closing,
Posted on 3/20/16 at 3:50 pm to dualed
quote:
I'm a first-time home buyer. I'm going to ask for the seller to pay a portion of closing costs regardless of which home I choose to buy. My reasoning? They can only say no. I'm the guy with the money looking to buy so I feel like I hold some power.. somewhat anyways.
Let's not turn this into a "you shouldn't buy a home unless you have money for closing costs" thread. That's not the case and it's not what I'm getting at.
What are y'alls experiences with this?
Purchased 3 homes and sold 3 homes in a sellers market (Dallas) and buyer has paid 100% of closing costs. This is a somewhat unique market as all have sold over asking with little to no concessions.
This post was edited on 3/20/16 at 3:54 pm
Posted on 3/20/16 at 3:50 pm to dualed
Just pay cash like the rest of us OTers.
Posted on 3/20/16 at 3:51 pm to dualed
We have paid all as buyers, none as sellers, and half as buyers.
I have seen it go all ways.
In New Orleans, you are smoking crack if you expect the seller to pay closing, unless you up the sale price.
We covered half the cost of a house we were selling, but just didn't drop the price.
We bought a house paying all the cost, but the seller offset their half by dropping the price.
I have seen it go all ways.
In New Orleans, you are smoking crack if you expect the seller to pay closing, unless you up the sale price.
We covered half the cost of a house we were selling, but just didn't drop the price.
We bought a house paying all the cost, but the seller offset their half by dropping the price.
Posted on 3/20/16 at 3:51 pm to LSUfan20005
Title isn't anywhere close to 4%. Now, total closing cost may be, but thats another discussion.
Posted on 3/20/16 at 3:52 pm to TDsngumbo
quote:
Just pay cash like the rest of us OTers.
Should still have closing costs, just not loan origination.
Posted on 3/20/16 at 3:57 pm to fightin tigers
quote:
We bought a house paying all the cost, but the seller offset their half by dropping the price
I wouldn't mind this.
Posted on 3/20/16 at 3:59 pm to dualed
Depends on your market if the seller will pay it. You play the biggest part in negotiations in convincing the seller to pay closing costs, not your realtor. The realtor is just a middle man to relay what YOU want. The last house I bought my seller paid closing costs minus the points I paid for my interest rate. I live 30 miles from Nashville.
This post was edited on 3/20/16 at 4:00 pm
Posted on 3/20/16 at 4:00 pm to dualed
It's like anything else in life. If you are in a position of power, make demands. If not, take what is offered.
Posted on 3/20/16 at 4:01 pm to dualed
You are financing your closing costs, if you don't pay it outright. Lots of arguments against that, but it may make sense if you need to do renovations that will increase the value.
Gives you the financial buffer to make repairs and upgrades, but finances money for 30 years.
Gives you the financial buffer to make repairs and upgrades, but finances money for 30 years.
Posted on 3/20/16 at 4:01 pm to dualed
You can ask for whatever you want in your purchase agreement. I just bought my second home. I asked for all window blinds, the refrigerator and seller pays 5k towards closing. After some back and forth, I was able to get all of that. Good luck.
Posted on 3/20/16 at 4:03 pm to Zappas Stache
quote:
If the market where you are is like it is in Texas, there are several buyers for each house for sale. The buyer has very little power in this market.
Exactly.
OP is asking a general question, which is fine, but the market where he buys the home will determine the answer.
Last time I sold a house, I paid a $100 and was pissed about that.
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