Home Selling in 90046>Question Details

Nellie, Home Seller in 90046

Who pays closings costs in LA County?

Asked by Nellie, 90046 Sat Mar 3, 2012

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Answers

23
Dear Nelie,
It's a point of negotiations between the Seller and Buyer. Each market is different, which is another reason why a good Buyer Agent is so important in a transaction.
0 votes Thank Flag Link Sun Jun 16, 2013
Buyer and Sellers both pay closing costs. The items are not the same. Below is general breakdown of Buyer and Seller Costing Costs.

http://yourwestsidehomes.com/Closing_Cost.html

Hope this is helpful!

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes Thank Flag Link Sat Jun 15, 2013
It is customary in Los Angeles for buyers and sellers to pay different parts of the closing costs. For instance, escrow costs are usually split 50/50. The seller usually pays for Title and Transfer Fees. The biggest closing cost, however, will usually be the cost of the purchase loan, which is usually always paid by the buyer. Paying cash as a buyer would be the only way to avoid these loan costs, which will usually be several times greater than all other closing costs put together.
0 votes Thank Flag Link Thu Sep 13, 2012
In today's market, it's best to go with a no point/no fees loan. Your interest rate may be .125 to .25% higher than the going rate but with todays historical low interest rates it is well worth it.

There is such a small inventory out there that your best submitting your highest and best offer and not ask the Seller for any paid closing costs.
0 votes Thank Flag Link Mon Sep 3, 2012
The seller and the buyers EACH have closing Cost.

The seller may offer to pay some or all of the buyers closing cost. The buyer can ask the seller to help them with their closing cost, but of course it is the seller's call.

In a seller's market if a buyer really wants their offer to stand out above the crowd in a multiple offer situation, it is best if the buyer is in a position to pay their own closing cost.

Best of Luck to You,
Kawain Payne, Realtor
0 votes Thank Flag Link Sun Aug 19, 2012
There are concurrent and recurrent closing cost some are negotiable but if you really want the house
is always recomendable to pay your own closing cost.
0 votes Thank Flag Link Fri Aug 17, 2012
The buyer and seller both have their fair share of closing costs to pay.
0 votes Thank Flag Link Wed May 16, 2012
Hello Nellie,

Both seller and buyer have closing cost to pay.

Sometimes a seller will offer to assist buyer with their closing cost. In other cases the buyer will ask the seller for assistance.

Assisting the buyer is soley up to the seller, there is no requirement for the seller to assist the buyer.

Some Federdal and State loan programs offer closing costs assistance to first time buyers as well.

Kawain Payne
0 votes Thank Flag Link Thu May 3, 2012
usually 50/50. But it is not the rule.
You must talk to your agent and decide what you can ask for in your particular situation. I was asking for up to 6% towards closing+ costs~ so, it depends on a type of a loan, who is the seller, offered price, motivation, etc.
0 votes Thank Flag Link Mon Apr 2, 2012
both buyer and seller pay 50/50
0 votes Thank Flag Link Fri Mar 16, 2012
Generally each party pays the costs that were "incurred" by them ie> buyer pays all loan associated costs, seller pays all transfer taxes, etc. If it is a cost equally incurred such as escrow it is split evenly. But beyond that fees are completely negotiable. Sometimes it is benefical for the seller to pay all costs, other times the buyer will pick it all up. Your agent should get a breakdown of the costs, once negotiated (or during negotiations) so you clearly understand your obligation from an escrow company. Be sure that your agent and escrow are famiiar with your locale as many cities, such as LA or Thousand Oaks have very specific fees (such as city transfer fees or retrofitting) that you will need to assign to seller or buyer. These can be expensive if you are not ready for them.
0 votes Thank Flag Link Fri Mar 16, 2012
There is no set answer as this is something that is negotiable. Customary is 50/50. Usually there is no such thing as paying all closing costs, as most agents and sellers will not accept a blanket statement such as "i want you to pay my closing costs". You should have title prepare a workout sheet for you so you can determine a dollar amount to request if you do want your fees paid. Fees are often prorated and the day you close will influence your final number.
Also be sure you understand the way things are worded, I have put in contracts terminology that favored my seller and the buyers agent did not understand (not legal jargon, they simply didn't understand customary closing costs) and refunded thousands of those fees to the sellers bottom line because the buyer could not use them up.
0 votes Thank Flag Link Sun Mar 4, 2012
Customary 50/50 if depends how bad you really want the house and what kind of a sale
always negotiable
0 votes Thank Flag Link Sun Mar 4, 2012
Most are negotiable. It is customary for Buyer and Seller to each pay their own escrow and title, but termite, nhd, retrofit, hoa, transfer taxes are all negotiable. But consider the more costs you ask for the tougher they are likely to be on price.
0 votes Thank Flag Link Sat Mar 3, 2012
Between the Buyer and the
Seller is 50/50, each their own fees....Call me with all your questions..
Sincerely ,
Val
0 votes Thank Flag Link Sat Mar 3, 2012
Hello Nellie,

Buyer and seller each have a share of closing cost fees.

In a standard sale the buyer's agent can ask the seller to pay all or some of the buyer's closing cost. It is up to the seller to decide if they want to honor the request, they are not obligated to do so. Some sellers in a standard sale will offer to pay some cost for the buyer as a selling point, again it is up to the seller.

In a short sale the seller will not be in a position to assist the buyer with cost, as the seller in this case is not making any profit from the sale.

Best of luck to you,

KawainPayne, Realtor
Prudential California Realty
Kawaindpayne@gmail.com
714-293-1151
0 votes Thank Flag Link Sat Mar 3, 2012
Have your Realtor or your escrow company prepare a sellers net sheet. This will give you a good estimate not only of your closing costs but what you will walk away with if the transaction closes at a specific price. As you can see from the other answers, A)everything is negotiable and B) usually both sides have closing costs.

In some areas of Los Angeles it is a buyers' market and in other areas we are seeing the tide turn in favor of the sellers. The one with the most pull will win the negotiation of closing costs, if closing costs become an issue in the offer. Multiple offers may lead to the seller having to pay very little if any closing costs.
0 votes Thank Flag Link Sat Mar 3, 2012
Hi Nellie,
It depends. What ever is written up and agreed upon in the purchase contract. Sometimes the seller will pay for the buyer's closing costs, but it must be agreed upon, prior to acceptance of the purchase contract, or amended later. You're agent might want to ask the other side if they'll pay your closing costs. What do you have to lose? They could just say no, or they may agree to pay all of the costs, or a portion of the costs. If you don't ask, they probably won't pay for them. I hope that helped answer your question.
0 votes Thank Flag Link Sat Mar 3, 2012
Traditionally in the area that I practice real estate (includes 90046), both buyer and seller have closing costs, but most of these are negotiable. As a seller, you may want to pay some of the buyer's costs if you feel their offer and/or conditions are very desirable and you want to keep them in the deal. Tally up the costs and see if it makes sense to pay them; if not, you can give them a partial credit or nothing at all. The buyers may agree to pay all or some of the seller's closing costs of they feel your price is fair enough to include the extra expense. In the end, the win/win deal is the one most likely to close.
0 votes Thank Flag Link Sat Mar 3, 2012
You pay your buyer's portion of closing costs.

Ludy Ivonina.
Tarbell,Realtors
(909)731-7124
Email: ludy@tarbell.com
0 votes Thank Flag Link Sat Mar 3, 2012
Costs are generated for both buyer and seller. Some of these costs can be negotiated in the sales contract as to who pays which expenses. You will get the best answer if you meet with an experienced agent and they can review the specific line items costs that will occur and which ones can be negotiated.
Web Reference: http://www.patrollie.com
0 votes Thank Flag Link Sat Mar 3, 2012
Both the Buyer and Seller have (normally) Closing Costs;
These can be
Escrow Fees
Transfer Tax
Doc Fees
Notary Public
Title Policies
Recording fee
and
Prepaid Property Taxes

Some of there are called "recurring" and some are "non-recurring"

If you go into a Title Company, such as North American or Chicago Title, they can do a hypothetical HUD1 for you, showing the list of charges to both the Buyer and the Seller.

Good luck and may God bless
0 votes Thank Flag Link Sat Mar 3, 2012
Both buyer and seller do incur costs....
0 votes Thank Flag Link Sat Mar 3, 2012
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