Home Selling in 97446>Question Details

figure_skater, Home Seller in Berkeley, CA

Buyer wants me to pay $7000 extra for their fees and costs as part of sale of $325,000 home. Is this common or reasonable?

Asked by figure_skater, Berkeley, CA Sun Dec 16, 2012

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5
They can ask, its called negotiating....
You do not have to accept it, but you could lose the sale, you can also offer a revised amount,
and depending on the sale price and whether it will appraise out, you may add it to the sale price
and then return it to the buyer for payment of closing costs at the closing table, but careful.

You should get some input and suggestions from your Realtor, you are working with one are you not?

Good luck to you.

Hope this helps...

Most Sincerely yours,
Edith YourRealtor4Life and your Chicago and Northern Illinois
and Relocation Expert
Working always in the very BEST interest of her clients
at @Properties - Chicago - North Shore - N and NW suburbs
Edith speaks French, German, Spanish & more
Get to know Edith and her Services on her website:
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0 votes Thank Flag Link Tue Dec 18, 2012
Yes, absolutely common. Buyers can and will ask for so many things, only you as the seller can decide what is reasonable to you and what your motivation is for selling your home. Come back with a counter offer if you aren't comfortable with it!
0 votes Thank Flag Link Mon Dec 17, 2012
It happens on home sales all the time. I am sure your agent can help explain why.
0 votes Thank Flag Link Sun Dec 16, 2012
Depends:
Where is $325 in relation to the Market Value of your home?
Have you had your Realtor do a CMA to determine it?
Only you can say how determined you are to sell.
Yes, it is common; but it is certainly not required.
If they are waiting for a response; you could COUNTER $332,000 and $7000 back; (but this might come back on you if the Appraisal is only $325).
You could Counter $329 and $4000 back, (or any other combination).

talk to your Realtor.

Good luck and may God bless
0 votes Thank Flag Link Sun Dec 16, 2012
They are asking you to pay $7k of their closing costs?

Not sure about the market where you are at, but in Dallas, it is common for the seller to pay some if not most of the buyer's closing costs. I am currently under contract on a home with a sales price of $225k where the sellers are also paying $5k of my buyers closing costs.

Don't worry about the individual number. Look at what you are NETTING out of the deal and negotiate off of that number.

For many buyers, it is not about the actual sales price. It is about how much money they will have to pay out of pocket. Perhaps they don't have a lot of cash and the down payment is putting a strain on their budget. If that is the case, increase the sales price of the home to compensate for the $7k. Just make sure the offer is reasonable compared to other similar homes in your neighborhood. Speak to your agent about this. If the comps say $325k is a competiative price, maybe they will pay $330k with the $7k in assistance. If $325 is a high price, then giving them $7k in closing costs may not be unreasonable at all.

Just remember, the home has to appraise for what ever the sales price is.

Good luck,

Brian Rayl
B&B Realty Group - Keller Williams Elite Dallas TX
214-601-4192
Brian@Rayl-Estate.com
http://finddallashomesforsale.com
0 votes Thank Flag Link Sun Dec 16, 2012
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