Home Buying in Garnet Valley>Question Details

jlchaffin, Home Buyer in Garnet Valley, PA

In the current local housing market is it common for sellers to contribute to closing costs?

Asked by jlchaffin, Garnet Valley, PA Wed Jun 20, 2012

We are relocating from another part of the country and I am trying to get a feel for the local housing market. I am seeing lots of price reductions. Are home prices still heading down in the area? Is this an area with a lot of foreclosures? Any help would be appreciated.

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Good Morning jlchaffin,

How are you? Thanks for your inquiry. Seller's assistance can be provided to buyers as long as you are OK with the NET amount that you are going to get at settlement day.

For example, if a buyer is putting in an offer for $100,000 with $5,000 seller's assist towards their closing cost. In seller's perspective, you're only getting $95,000 minus all of your other closing costs fees on your side (such as transfer tax, U&O, etc.). And to keep in mind is that the purchase price will still have to be appraised for the amount that is accepted.

If you're not currently working with any agent and are interested in getting a free Comparable Market Analysis emailed to you, feel free to send me an email at Phong.Lam@c21ag.com with your property address that you're trying to sell and I'll be more than happy to run the report for you so that you can see what's going on in your specific block or neighborhood.

Hope this info helps.

Hope that helps!

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Phong Lam, CSM
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0 votes Thank Flag Link Wed Jun 20, 2012
It really depends on your geographic area. But, in many areas, yes, it's common for sellers to contribute to closing costs. A local Realtor can tell you what's happening.
0 votes Thank Flag Link Wed Jun 20, 2012
Don Tepper, Real Estate Pro in Burke, VA
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