Do I have to pay all the closing costs for a new condo purchase from the developer?

Marc Frons
Other/Just Looking
11206

I just received the contract and prospectus for a new development in Williamsburg. The developer wants me to pay ALL the closing costs, including those that are usually taken care of by the seller. Given the current market conditions, do I have any room to negotiate?

Answers (4)
Aileen-Manha...
Agent
New York, NY

It's common in Manhattan for new developments. Your REALTOR or real estate agent should have told you this. A builder who is willing to pay some of the closing costs for the buyer usually indicates their units are not selling well. You can always ask them to cover some of the closing costs or "give" in other areas. Williamsburg is an "up and coming" area of Brooklyn, so good luck.

Sat Jul 28 2007, 03:06
Timm Lovitt
Agent
Snohomish County, WA

It sounds like you may have stumbled onto either a builder who has run out of money or one who has the money to wait for a better offer. In either case don't feel trapped. Try to re-negoiate and if it doesn't work, take a minute to assess your situation. Do you have the money to cover the closing costs and not have it strain to tight on your budget?

Fri Jul 27 2007, 19:30
Bruce Lynn
Agent
Texas

You can always negotiate. It doens't mean you have to buy or they have to sell, but you can always attempt it.

Web Reference: http://www.teamlynn.com
Fri Jul 27 2007, 19:23
Chris Tesch
Agent
College Station, TX
FIRST ANSWER

It doesn't hurt to try Marc. The worst that can happen is for them to say no. If you have been working with an agent see if they can pull recent sales from this builder. This might give you an indication if sales have been slow. Do as much research as possible before asking so that you can present a clear and concise case for them picking up some of these closing costs.

Good luck!

Fri Jul 27 2007, 18:59

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