Home Buying in Bethany Beach>Question Details

Steve Morgan…, Other/Just Looking in Bethany Beach, DE

How many of you Asking the Seller to Pay Closing Costs with your offers?

Asked by Steve Morgan - (302) 541-5363, Bethany Beach, DE Wed Feb 23, 2011

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9
Annmarie Leslie’s answer
There are many transactions with sellers paying closing costs here in the Charlotte area. Many builders and short sales are offering paid closing costs if you use their mortgage company.
0 votes Thank Flag Link Wed Feb 23, 2011
Depending on how close the offer price is to the asking price, buyers ask for 3% to 6% sellers help for closing costs.
1 vote Thank Flag Link Thu Feb 24, 2011
Generally on beach resale properties, the seller does not contribute to the closing costs. But I have seen sellers contribute about 3% for first time home buyers.
0 votes Thank Flag Link Wed Apr 10, 2013
On the majority of beach sales, the seller does not contribute to the buyer's closing costs. However, I have seen the seller contribute closing costs of about 3% to first time home buyers.
0 votes Thank Flag Link Wed Apr 10, 2013
Typically on Short Sales which most banks will pay 3% and for First Time Home Buyers. But, in most cases buyers prefer to keep the purchase price and basis down for tax purposes.

Warm Regards,

Dustin & Mariya
0 votes Thank Flag Link Sun Dec 30, 2012
I think all the answer works and happen.

I would suggest that Sellers could offer buyers some credits at settlement with the right mortgage professional helping agents to move more inventory. Dropping the price works and so does dropping the rate which creates more qaulified borrowers. Simply apply the credit with your mortgage professional written in the contract to use the funds to get below market rates. (Seasoned Mortgage Professional is my recommendation - this is no time for a rookie in this transaction)

Incomes are not going up in most places - so no risk to seller or buyer reducing rate provides a higher qualifing ratio for borrowers. I create professional reports to show to buyer, seller, cpa, financial advisors and agents which opens the door to more referrals. This concept applies to any buyer in this market place - first time or seasoned.

Steve Morgan
Fairfax Mortgage Investments
http://www.bethanybeachlender.com ..
0 votes Thank Flag Link Thu Feb 24, 2011
Guess we are behind the times here! Often we ask for a Sellers Concession but it is a % added on to the selling price that the Buyer receives(credit) at closing(subject to appraisal). There are Sellers credits given at times, post inspection or if appraisal comes up short.
0 votes Thank Flag Link Thu Feb 24, 2011
A seller should know that they should do what they can to help to get their place sold for the best price.

Sometimes that will be to give the buyer a credit at closing. If the price is higher with a credit, it could very well be better for both the buyer and seller in the end.
0 votes Thank Flag Link Thu Feb 24, 2011
About 50% of my buyers are asking the seller to pay for their closing costs. Especially if they are first time homebuyers. Most of the seller's have been receptive to that as long as the sales price is fairly strong.
0 votes Thank Flag Link Wed Feb 23, 2011
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