Buying a house, chance seller will pay closing cost?

Question

my agent says its something we can ask for, but doesnt sound likely.

has anyone had the seller pay most or all of the closing cost?

Answer 1

Yes, if you add the dollar amount of the closing costs to the sales price. What it amounts to is you will be financing your closing costs along with the mortgage.

Always remember: you cannot get something for nothing.

Answer 2

I've purchased and sold a few in my time. Certainly it's a point to explore and possibly negotiate.

In my experience, most often the seller needs the earnest money deposit for their own budgetary concerns, often, unlikely having closing cost funds upfront.

It also depends in some measure of the sellers desperation to be rid of the house. It's valid to assume they have already looked for or "secured" another house, on some level.

It's wise to invest in the services of a Real estate Attorney, read everything until it's understood, and sign only when that is the case.

It may be that you as a buyer, don't have all you need to allow a large "down" or added costs, but at that point you should be seeking the most "creative" financing you can find. Without question you might find a lender to support a %100 percent loan, and hopefully you've already done your homework as to TYPE of mortgage, and cost you CAN afford.

It's not at all uncommon for both buyer and seller to "share" closing costs. It's also not uncommon for the seller to "pay" as an incentive, allowing that the purchase becomes more "attractive."

Steven Wolf
(The Rev.)

Answer 3

of course, it happens all the time. Everything is negotiable. If the seller really wants to sell the property they will do whatever it takes.

If 2 offers are the same, obviously they will go with the one where they don't have to pay costs.... so you might have to offer a little more. This way, the seller will still net the same amount at the end of the day. Just be careful, because you still need the appraisal to come in at Sales Price, otherwise you'll have to come up with the difference.

Answer 4

Depending on where you live and the market, this is very likely. In some parts of California, the real estate market has cooled off so sellers are motivated to move their property, thus covering your closing costs. Maybe your real estate agent doesn't know how to negotiate this, find another Realtor or loan agent. It's worth a shot to see if the seller will pay your closing costs.

Answer 5

Yes you can, it's like the negotiating tool. Say the sale price is 50,000.00, you offer 50,000.00 but ask seller to pay 5,000.00 of or all of your closing costs. They can pay everything but the Taxes. So what you have done is; actually paid them 45,000.00 (or minus that amount of closing costs)for the house instead of 50,000.00. Your Realtor must have been very in experienced because this is done all the time. Here is a little HOMEWORK for you; call your bank ask for the mortgage dept. tell them; I am going to make an offer on a home for 50,000.00 would you please let me know what the closing costs for your bank will be in total. (banks want your business so they should be able to tell you, it's usually 4.5% of sale price). Take that to the Realtor, tell them to make an offer of full price with a clause, "Seller to pay Buyer's Closing Cost, not to exceed 3,000.00". Right now it's a Buyer's market so you should have no problem. If you do then walk out, go to another Real Estate office and tell them you want to buy that specific house and what you want to do and ask them if they will "write the deal for you". Good luck and if you need more help just jump on here and direct the Real Estate for Conrey. I'll get back to you. OK?

Answer 6

Yes, the seller often will pay for the closing costs or at least most of them. It depends on the market and how much the seller needs to sell.

When there are a lot of houses on the market to buy, you have more room to negotiate. Also, the seller has to be really motivated to sell ASAP.

Answer 7

Absolutely you can get this. I do it all the time for my clients. It's part of the offer. As stated in another answer, you just put this into the additional provisions part of the offer as "Seller to pay up to $______ of the Buyer's closing costs, prepaid expenses, and or escrows at closing."

Just remember, this is part of your offer - so if you're going to offer $10,000 below the asking price already, and that's about the going rate in your area, keep in mind that the seller is probably not going to give you another $5,000 towards closing costs on top of the $10,000 below list price. He/she will probably give you $5,000 off and the closing costs paid. Your agent should be able to talk with the Seller's Realtor to see what's going to be the best course of action prior to writing an offer.

Please remember, if your agent doesn't think it's likely, you may want to interview another agent. Your agent should be doing what you want him/her to be doing - the agent works for you and is along for guidance to you.

Answer 8

Yes, when my husband and I purchased our home we were fortunate to have the seller pay closing costs. I don't know too much about real estate but I'm sure in on way or another the seller is reimbursed, I guess through taxes? Give it a try and good luck.

Answer 9

YES! Put it in the contract. In Phoenix the seller almost always pays the buyer's closing costs.

Answer 10

It can happen. If you've already signed a contract, it's unlikely. But if not, it could be part of the bargaining power. Just put in your counter offer that "Seller agrees to pay ___ % of the closing cost, (up to $____.00.)" Send it to the seller and see what happens. It just may work.

Answer 11

From experience both as a seller and buyer, a full price offer is much more likely to include all buyer's closing costs than a lowball offer.