Home Buying in 07087>Question Details

Ernest Peler…, Home Buyer in Union City, NJ

Can I ask a seller to help with closing cost?

Asked by Ernest Pelerin, Union City, NJ Tue May 15, 2012

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7
Jeanne Feenick (908) 337-0943’s answer
Yes. I agree that the form it will likely take is to build it into your purchase price so that you can essentially finance that portion of the closing costs. The seller recognizes that his proceeds are net of the concession. The one wrinkle can be that it can stress the appraisal because the bank will be looking for an appraisal to support the gross price.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
1 vote Thank Flag Link Wed May 16, 2012
Absolutely. Typically, the seller will want to put all or some of the closing cost on top of the purchase price. If this happens make sure your buyer'sbroker provides good comparable sales so you can be confident the property will appraise for the price your offer. Otherwise you may get stuck paying out a a lot of fees for inspections and the appraisal only to find out the lender won't loan you enough money based upon the purchase price and the seller could balk on renegotiating the price to meet the appraisal value. Learn more at about Howe...to buy real estate at http://www.floridabuyerbroker.com Beverly Howe, ABR, GRI, TRC, CIPS broker@floridabuyerbroker.com 1-800-283-7393
1 vote Thank Flag Link Tue May 15, 2012
Last two answers are right on the money. All too often the buyer asks the seller to pay the closing costs (or a portion) on top of the offer being under the list price or supportable comp price. The offer and concession must be reasonably close to LP for best effect and acceptance. In exceptional cases, the seller might agree to a lower offer and even less with the concession. These would be cases where the house lingers on the market, has some flaws, and/or the seller wants out. Every deal s different and use an experienced professional realtor like Jeanne here. You'll be glad you did.
0 votes Thank Flag Link Mon Jun 25, 2012
Absolutely, just speak to your agent about your request so they can assist you.
0 votes Thank Flag Link Tue May 15, 2012
Yes, a buyer can ask a seller to pay some or all of the closing cost. I've had buyers ask for window treatments and even a pool table. However, the seller must agree.
0 votes Thank Flag Link Tue May 15, 2012
Of course you can. They will still be looking for a NET number on their home. Also check with your lender to see what they will allow.
0 votes Thank Flag Link Tue May 15, 2012
Ernest,

Of course you can ask a seller to help with your closing costs. They might or might not agree to do it.
0 votes Thank Flag Link Tue May 15, 2012
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