I want to buy this great town home that my fiance and I have totally fallen in love with, originally listed for $370k. So far they have offered us $50k back in incentive money. We understand this isn't enough off in this stinky market. We believe we can negotiate them down the closing costs ($15k) as well as the first two years of HOA ($8k). Can we do better? Should we hire a buyers agent to help? I'm a rather good negotiator, as is my father.
FYI, this is located in West Boynton Beach, Florida
2007-11-20 02:48:15 · 3 answers · asked by Grisham 3 in Business & Finance ➔ Renting & Real Estate
I agree with the first answer. I sell for a new home builder... maybe the same one...LOL.
My company would absolutely NOT pay commission to a realtor at this point in the game. They would not be the procuring cause of the sale. So any help they would give you would come out of your pocket.
Unless you have a friend in the real estate world... who will do it for free.... NO.
Chances are the builder has a bottom line. We all do. Sounds like they have made several concessions already.
Closing cost assistance is a good place to go.... do you have to use their lender? If so... see if they'll wave any loan origination fee.... if not... ask for it back as closing cost assistance.
There is a cap for the allowable cash back at closing (or closing cost assistance) The most they could give toward closing cost (at $320,000) would be $19,200. So you won't get more than that.
You need to make them feel like they are going to lose the sale.... find that bottom line. Let them tell you..."we absolutely can't do better and I'm sorry we can't make this happen...." Let them say goodbye.... That's when you'll know you've got the bottom line.
Wait until the end of the month.... The last 2 days or so.... They want a sale then.
Good luck
2007-11-20 03:50:21 · answer #1 · answered by bored at work 3 · 2⤊ 0⤋
Only if you're willing to pay them their going rate for their assistance. Most builders will not pay a commission unless the agent brought the buyer to the table. That means that YOU would have to pay the agent's commission.
An attorney would be a better idea, IMHO. They can negotiate on your behalf and unlike an agent they can offer legal advice AND protect your interests. And in most cases an attorney would be cheaper than paying a buyer's agent a full 3% half share on the deal.
2007-11-20 03:01:17 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No. If you are a good negotiator, why pay somebody else to do what you can do? You have already got them to give you 13.5% and that is huge. This housing price is not subprime that is the bad market today. The rest of the market is hurt by it, but not doing that bad. The first 2 years of HOA is unusual, but you can go back there with a sizable earnest money check as a guarantee that you are serious and say you are willing to put an extra $10K down in earnest money if they pay $10K in closing costs.
2007-11-20 03:14:50 · answer #3 · answered by Frank 5 · 0⤊ 0⤋
If you are happy and believe you are getting a great deal go for it. As long as your happy, in Pa closing costs are tax deductable as long as you settly by dec 31st be careful with new home builders though sometimes the "deal" your getting isnt always a deal dont get put in the hole.
2007-11-20 07:10:38 · answer #4 · answered by markf_07 2 · 0⤊ 0⤋