Home Selling in Clarksville>Question Details

shoeflin, Home Seller in Clarksville, TN

Do any sellers sell without paying part of the closing costs? Do realtors steer clients away from such situations?

Asked by shoeflin, Clarksville, TN Wed May 23, 2012

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Frank Dolski’s answer
There are situations such as seller's assist where sellers, if negotiated and agreeable, pay or credit a portion of the closing costs. This quite common and it is a part of negotiation. Mortgage companies do put a limit on the amount of assist money and it has to go to specific items. To answer the second part of your question, It would be unlawful if a Realtor steering anyone away from such a situation. These items are covered under fair housing law.
0 votes Thank Flag Link Thu May 24, 2012
It depends, If you are a seller that does not want to cooperate with the buyer's closing cost, you do not have to do it. If you are a Buyer in need of help with closing cost, ask your agent to submit the offer subject to that condition.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Sun Oct 28, 2012
Sellers always have to pay their part of closing costs as it pertains to the seller. If the question is if the seller should pay part of the buyer's closing costs, it is negotiable and usually an effort to make a deal work. I wouldn't use the word steer but aa realtor may look at one of multiple offers and suggest that perhaps one with a seller's assist makes sense, if it is the best deal or if is an offer that the seller will entertain. This may be true in the case of a VA or FHA loan where the buyers may be limited in monies for closing costs. In this case, the purchase price of the home could be increased to offset the assist but be aware that the home must appraise, Your Realtor should be abale to guide you with this and all situations.
0 votes Thank Flag Link Sun Oct 28, 2012
I am a REALTOR / Broker. Sure, the closing cost are ALWAYS negotiable, and in-fact the buyer has 80% of the closing cost. A good agent would be able to guide you through the process of if you do or do not need to pay closing cost. You can call me for a free consultation on this matter @ (931) 241-1526.
0 votes Thank Flag Link Sat Oct 27, 2012
Even thought the closing costs are negotiable the market allows for the buyers to find a willing seller to pay them. This subject is a little controversial because all depends on the kind of offer the buyer is submitting. If the offer is to low must likely the seller will not be able to afford paying them.
0 votes Thank Flag Link Wed Aug 15, 2012
I am not clear on your question..... when a seller sells and a buyer buys BOTH have closing costs, different parties pay for different items. Are you working with a local Realtor in Clarksville TN?
If so then that Realtor will be able to sort this out for you and if you hired a real estate attorney to review the contract then you will have someone to protect you and explain to you what is paid by whom and
why on the HUD....

EdithSellsHomes@gmail.com YourRealtor4Life Working always in the very BEST interest of her clients Buyers Sellers and Investors alike, covering for @ Properties Brokerage the city of Chicago, all N and NW suburbs and the fine homes on the North Shore, and all of the US and worldwide offerings with my partner agents.... Edith speaks several languages ....
Have a great day :)
0 votes Thank Flag Link Thu May 24, 2012
In Clarksville we have a very strong VA and FHA market. Typically those buyer's are very well qualified to make the payments but don't have a lot of disposable income to pay down payments and closing costs. This trend of the seller paying closing costs started years ago - some say during the Viet Nam era and has never changed. I know for sure it's been that way since the 1980's when I moved to Clarksville and purchased my first home. I actually thought that was the way it was supposed to be. With so many other sellers offering it, you may actually hurt your chances of selling by not doing so.

I question I often ask sellers: Did the seller of your home pay closing costs when you purchased? I find the answer is yes more often than not. It's almost like paying closing costs in reverse.

I wouldn't say Realtors steer clients away from those situations - I do sell many properties without the seller paying closing costs, they're just VA or FHA buyers. It's the buyer client that dictates what houses they see - if they need closing costs assistance, they aren't going to consider a home where it isn't offered.

Hope this helps,

MIke Groves
Broker, Vision Realty
931-320-6703
0 votes Thank Flag Link Thu May 24, 2012
Couldn't have said it any better, even if I tried.
Flag Sun May 27, 2012
Couldn't have said it any better, even if I tried.
Flag Sun May 27, 2012
The lower the value of the home the higher the value of seller paid costs. The higher the value of the home the less important it becomes. All of my recent first time home buyers needed help. If you fall into the lower price range steering isn’t the problem, it is ability that is the common enemy. If the buyer isn’t able to close it doesn’t matter how much they love your property.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu May 24, 2012
Those aspects of the contract are all negotiable. It should always be what is best for your client. Give me a call and I can show you what I do to sell homes.
0 votes Thank Flag Link Wed May 23, 2012
The market and your area determine when that can be negotiated. You will also want to verfiy with your lender on what they will allow on the amount of seller contribution.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed May 23, 2012
Most buyers need a seller contribution toward their closing costs/pre-paids. Chances are your seller contrbiuted toward yours when you bought your home. Not agreeing to pay those will limit the number of potential buyers and may keep you from selling your home.
0 votes Thank Flag Link Wed May 23, 2012
I don't advise my buyers to ask for closing costs to be paid by the seller. Sellers just tack this onto the purchase price and buyers finance it. Why finance closing costs over 30 years?!
0 votes Thank Flag Link Wed May 23, 2012
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