Financing in 39564>Question Details

Debbiedm, Home Buyer in 39564

What closing costs does the seller usually pay?

Asked by Debbiedm, 39564 Sun Mar 11, 2012

I just moved and am currently leasing a house in Ocean Springs and would like to purchase it now. What closing costs are typically paid by the seller?

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In any fast paced seller’s market where listings are receiving multiple offers within days or even hours of posting, you will find it difficult to win the bid on a property if you’re asking for closing costs.

In buyer’s markets where there are more homes for sale than there are buyers, you will find sellers are more open to paying closing costs, simply because they don’t have a lot of options.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Fri Jul 26, 2013
My agent put on an offer under, costs to be paid by seller. Other: Owners Title and associated expenses to be split 50/50 buyer and seller. What does this mean? What are associated expenses? Thanks for the help, I can't reach my agent and this now has me worried. I thought we were splitting all closing costs including mine 50/50 but now I'm thinking I'm paying half of theirs. I'm also wondering if they are trying to get me to pay half of their sellers agent fee
Flag Thu Feb 13, 2014
Are you buying a home? That is the impression I was under. If that is the case, do not expect the seller to split the closing costs. It's not so common anymore, and likely if you are buying, you will have to pay all of the closing costs.

The seller will of course have his own fees he will need to pay.
0 votes Thank Flag Link Fri Jul 26, 2013
I'd love to answer your question more thoroughly. You can contact me through my profile if you would like.
0 votes Thank Flag Link Thu Jul 25, 2013
This is fully negotiable and your Realtor should be able to expertly navigate these waters based on your situation, financing, property etc...

There is not one particular cost that sellers cover, but often there are concessions at closing. Hire a great Realtor from the beginning and trust them to help you decipher these things.
0 votes Thank Flag Link Mon Mar 12, 2012
Bottom line it's negotiable. My husband and I are Real Estate Brokers in Ocean Springs and from our experience here we've seen buyers and seller on average split them. Usually you can negotiate 3% from the seller depending on how well the property is priced. If they are selling it to you for a "Good Deal" they may or may not have the funds to assist you with your closing cost. Communication is key. Should you and your landlord need a Realtor please feel free to give me a call. Thanks, Beth

Beth King, GRI
Broker/Owner
http://www.ShorelineRealty.net
Ocean Springs, MS
Cell: 228-424-1643
Fax: 228-875-6030
0 votes Thank Flag Link Mon Mar 12, 2012
Typical closing costs for the seller are the real estate commission, title insurance, as well as pro-rated taxes, any required state doc stamps, and attorneys fees. These costs run in the neighborhood of 8% here in Fl. In some cases, the seller will pay some of the buyers closing costs as well...these amounts are negotiated between the two parties.

Hope this helps!
0 votes Thank Flag Link Sun Mar 11, 2012
The closing costs are negotiated in terms of the offer & counter offers. Foreclosure & short sales usually will pay up to 3% of the purchase price towards closing & prepaids. Some new homes such as Breland Homes offer to pay all closing costs & $1k towards prepaids. It all is negotiable if the home is priced good for the market some times you can counter an offer to add the closing costs in the counter & commission to be based on net o seller so that allows the seller from having that "I'm giving the home away" feeling. This can only be done if the appraisal will support the price. There are many ways to be creative in the negotiation of an offer to make a solid contract. I hope this helps you, if you have any questions or need help I would be happy to answer them.
Jenifer Hickman
Gulf Coast Heriage Realty
Ocean Springs, MS
228-327-3628
jkeyrealty@gmail.com
http://www.yourrealtykey.com
0 votes Thank Flag Link Sun Mar 11, 2012
Out here the seller will usually pay for a title insurance policy for the buyer, half of escrow, the commission to the real estate agents, and excise tax just to name the main ones. The buyer will usually pay for recording, half of escrow, loan fees, home owners insurance pro rated, property taxes pro rated, and the home inspection. Depending on the property there could be other things such as home owners associations. A lot of buyers these days are asking the seller to pay some or all of their closing costs.
0 votes Thank Flag Link Sun Mar 11, 2012
The seller can pay closing costs based on the terms of the purchase contract. The costs that are covered can be used as a tool for negotiations for both the buyer and the seller of a home. The most common closing cost that a seller will pay is the buyer's loan costs.
0 votes Thank Flag Link Sun Mar 11, 2012
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