Home Buying in Yuma>Question Details

Cgreene01, Home Seller in Macon, GA

IS IT BETTER TO TAKE 252,000 FOR THE HOUSE as is OR AGREE TO 259,000 as the selling AND AGREE TO PAY 2,000 TOWARDS CLOSING and 5,000 towards repairs??

Asked by Cgreene01, Macon, GA Thu Feb 16, 2012

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Brent Dorner’s answer
Cgreene01,

I will assume the buyer needs to $2,000 towards closing and I would tell the agents to make the commission based on what you will net and not the gross. So if the listing is for 6% then you save 6% on the additional $2,000-$7,000, that could be as much as $420 in your pocket.

Are you sure the lender will allow a $5,000 credit for repairs? If so this may be easier for you as a seller since you won't need to hire contractors and inconvenience yourself with repairs. Also, you don't have to worry about the repairs not being up to the buyers standards. Now, if your going to save enough money by doing the hiring repairs yourself, then it may be worth it.

Good Luck,
Brent
0 votes Thank Flag Link Thu Feb 16, 2012
Cgreene01,
Both net you the same number however you may pay slightly more in fees with the higher price. In most cases, sellers need the cash or the work done, so it will really come down to what it takes to make the deal. If you have both options open, you may be slightly ahead on the lower price, but not enough to lose the deal over.
0 votes Thank Flag Link Thu Feb 16, 2012
It truly depends on what is in best interest of the Buyer and Seller to come to a win - win... Good luck in your purchase and sale. :)
0 votes Thank Flag Link Thu Feb 16, 2012
Unless you absolutely need the cash at closing, I'd rather have the lower purchase price, and the ability to hire and supervise the repairs myself. That way I can make sure it's done the way I want, by the person I choose, and be the owner of the warranty on that work.
0 votes Thank Flag Link Thu Feb 16, 2012
Alan May, Real Estate Pro in Evanston, IL
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