This is a buyers market in pricing, but why do you think that the sellers should have to pay YOUR closing costs? You want the house cheap, which is what happens in a buyers market, then you say.. nah.. not cheap enough.. if you really want me to buy your house.. YOU pay for MY closing costs too, I don't want to pay anything.
How does that sound? I tell my listings to NOT offer to pay anything. Ever.
if a buyer asks for closing costs.. then we respond back, sure if you pay full price.
Best of luck.
If you are workiing with an agent who is representing your best interests, they will do what you ask them to do as long as it is ethical and doesn't compromise their license. Why not ask? I don't know your situation as a buyer, but a lot of buyers are struggling just to make a down payment much less the closing costs. Ask for part of the closing costs. I can't imagine that a seller wouldn't do whatever they can possibly do to get their home sold. Evidently, Slidell, LA, doesn't have over 17,000 active listings in their MLS like we do.
Hope this helps.
If you are offering a rock bottom price and then asking for closing costs too, you might be digging way too deep into the sellers pocket.
On the other hand, when you offer what is a reasonable price, you are more likely to get some of your costs covered by the seller. Just remember, being a buyers market doesn't mean sellers are willing to give their homes away.
I am a full time agent here in Slidell. Quite often I am ablel to get seller assistance with closing costs... it's all in how we negotiate the terms. If you aren't already working with an agent, give me a call. I am sure I can help you too.
Joyce Albert, ABR
It's a buyer's market because the pricing is so favorable and there are many homes available. Prices have gone down so much in areas that those who have thier home on the market have lowered all they can before going upside down on their mortage. It's hard to compete in today's market and seller's are at their last leg.
If you are looking for closting costs, purchase from a builder or talk to your lender about any assistance programs available in the area of preference.
I hope this helps.
You have 2 options if you want to buy THIS house and have closing costs pay. Counter offer asking again for closing costs ( maybe slightly less) or add the closing costs on TOP of you purchase price. ( or maybe go halfs on it with them in your new offer) Your other option is find another house you like and start the offer process over. It is possible to get a seller to pay closing costs in ANY market, have done it is a sellers market many times, in the end it is all negotiable and it is the seller's choice.
"Seller's Market" means more competition between home buyers.
"Buyer's Market" doesn't necessarily mean they will rush to accept just any offer and bend over backward to make things happen. If they can hang onto their house eventually the market swingsto the "Seller's Market" and an offer they like will present itself. It's all about competition between other homes yours compares to.
If you like the house ask as close as you can to their asking price and ask for help up to X amount for closing costs. For example, ask for $4000 in closing costs. If they can negotiate the asking price up $4000 from what you offered most times they will help out with the closing costs.
My recommendation is this - with the assistance of your agent, take a step back and look at the entire negotiation - I like to remind my sellers and buyers that a successful negotiation is one in which both parties feel equally disappointed - nobody clobbering the other, everyone giving some....those are the deals that I see make it to the closing table.
Now if you must have the seller cover all or a portion of your closing costs to qualify for your loan, then that is a different scenario. If that is the case, then you need to find the sellers that will do that.
Good luck to you,
Unwavering Commitment to Service
Sometimes i'll put a cap on the closing cost - i.e. Seller will pay up to $500 of Buyer's closing cost.... it doesn't have to be the whole cost.
Then the Buyer feels like they got something out of the deal,& the Seller just gave up a little to make the purchase happen. Happy Days for both.
The key is pricing the Seller's home to allow for that, if it's going to be an option.
If you must have your closing costs covered, and can't go high enough on your offer to allow the seller to compensate, then you are likely trying to buy a home you can't afford.
In my area prices are very low allowing buyers to purchase homes that they previously could not afford. So the prices are favorable to buyers, but that doesn't mean that the sellers are willing to pay for everything plus take a huge hit on the value of their home. Most sellers are in a bad spot, but that doesn't make all of them so desperate to sell that they are willing to be the one who just keeps giving & giving.
Tom Inglesby, Broker
RE/MAX Equity Group
A Buyer's Market does not mean that the buyer gets everything they want at the lowest price possible, just as a Seller's market doesn't mean the seller gets everything they want at the highest price possible. Buying and selling real estate is a negotiation, which is why you want to be sure to hire your own representation - a Buyer's Broker that is going to work for you and negotiate the best possible price and terms on your behalf.
Best of luck in your purchase!
Katie Minkus, R(B)
Broker-in-Charge Hawaii Life Real Estate Brokers
It's all about the bottom line. As Tim notes, if the seller can walk away with the amount they need, there is no reason to pay closing costs or other allowable concessions. If you need the seller to pay, raise your price to net the seller the bottom line they are willing to accept.