Home Buying in 19027>Question Details

Bauhaus, Home Buyer in Philadelphia, PA

How "generous" are sellers being at this time in agreeing to buyers' requests for closing costs assistance?

Asked by Bauhaus, Philadelphia, PA Thu Mar 1, 2012

Specifically, lower Montgomery county interests me - from Elkins/Melrose Park to Wyndmoor/Erdenheim/Whitemarsh. Are FHA buyers getting 6% or something close?

Help the community by answering this question:

Answers

6
BEST ANSWER
Bauhaus,
To answer your question, yes. You should be able to obtain very close to a full assist. It really depends on a sellers net and making sure there would be no appraisal issues.
You should really be working with an agent who knows the area and the market well enough so they can represent your needs.
If I can help you any further, please do not hesitate to contact a local agent!

Emily Landis Torres
Re/max Central
267-640-2327
Emily@emilyshomeinfo.com
1 vote Thank Flag Link Thu Mar 1, 2012
Keep in mind that although many parts of the standard sales agreement are wriitten to conform with customary practice, you are welcome to craft your offer to purchase in a manner that would essentially negotiate many of the costs between the buyer and seller. Of course, that doesn't mean that the seller has to accept your offer; but don't let that be an obstacle to negotiating in good faith. Your real estate agent should be reviewing all the terms of the contract with you before presenting it to the seller, so please take the time in advance to ask questions to your agent about what costs might be negotiated.

If you would like specific examples of some of the concepts often neglected when negotiating, consider registering to receive our free email newsletters published for Homebuyers in the Greater Philadelphia area. Text the word "SAVE" to 42828 on your cell phone; or simply click this link: http://goo.gl/c1vJl

Once you are registered, you will automatically receive all the current information we regularly compile about home buying in and around Philadelphia; including tips, recommendations, programs and seminars that help home buyers throughout the entire process.

When you are ready to begin your search for the perfect home, and in addition to providing you information on how to use the various online resources, we will even assist you in finding a great real estate agent if you ask us. An Accredited Buyer’s Representative is probably the best real estate professional you could hire, and is specifically trained and experienced to help you as the buyer find and effectively negotiate the purchase of your new home.

You will also find many fine and knowledgeable agents on this website too. Just be sure to interview your potential representative to make sure he or she is a perfect fit; you will be spending a lot of time together as your agent endeavors to help you find and purchase the property.

Hope this was helpful. Good luck, and enjoy your home buying experience!

If this post was helpful to you, please give it a thumbs up!

Jim O'Rourke
Principal Title Agent
Liberty Bell Agency, Inc.
"Experience a Better Real Estate Closing!"
Web Reference: http://goo.gl/c1vJl
1 vote Thank Flag Link Thu Mar 1, 2012
Negotiations is the name of the game. In this area sellers are finding that most buyers require seller's assistance, or help with closing costs. It is become part of the normal way of doing business. If you are getting an FHA mortgage you can request up to 6% of allowable costs. If you have further questions please contact me. My office is very close to the areas you are considering.
1 vote Thank Flag Link Thu Mar 1, 2012
The critical number here is the LISTING PRICE;
If the Seller listed LOW, hoping for multiple offers, and try to go under that AND have them pay your closing costs; you had better hope that they don't know what Market Value is, and that you do!
This all has a lot to do with how distressed the Seller is; which you probably will never now. You might find how far you can push the Seller, but that may not mean he's distressed.

Several suggested adding the Closing Costs to to offer, so that you don't have to put out the Cash:
This only works if the Appraisal is high enough.

Get a good Buyer's Agent and work it out; there is no SIMPLE ANSWER.

Good luck and may God bless
1 vote Thank Flag Link Thu Mar 1, 2012
Usually the seller will agree to up to 6% and yes as Tim mentioned the seller will look at the bottom line. Just make sure to add whatever you are asking for on top in his example below based on what you qualify for.
1 vote Thank Flag Link Thu Mar 1, 2012
My experience is it is all about the bottom line. These offers are equal and identical to a seller:

Purchase price $200,000 no closing costs

Purchase price $205,000 with $5000 in closing costs

Purchase price $210,000 with $10,000 in closing costs
1 vote Thank Flag Link Thu Mar 1, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer