Home Selling in Michigan>Question Details

parkera_2988, Home Seller in Vermontville, MI

my agent is pushing for me to pay the closing costs but if i do i wont have enough money to get a new house, some advice??

Asked by parkera_2988, Vermontville, MI Tue May 28, 2013

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Your agent is likely pushing you to do what it takes to make the sale work.

While your agent knows what it will take to make the deal work, you (the seller) are ultimately in charge. If you can't pay the closing costs, and still have enough to do what you want to do... then you can simply say "no".

But recognize that the deal may not gel without them... and decide if you're okay with that.
2 votes Thank Flag Link Tue May 28, 2013
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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"Between a rock and a hard place..." by helping someone else out, you won't be able to help yourself. What about negotiating paying a percentage of the closing costs or an amount that you can afford and still follow your dream?

Best wishes,

Bill
0 votes Thank Flag Link Tue May 28, 2013
I am assuming we are talking about the buyers closing costs. In this case the price of the home should be raised to include the seller contribution, thus the buyer is financing the contribution over the length of their loan, but it is a win win for all. Especially if the buyers didn't have the extra funds. Besides your agent shouldn't expect you to lose profits to make his or her commission. Another option is to meet half way if the buyers are unwilling to accept the price increase. You can cover half of the closing costs if your agent is willing to lose commissions and part with the other half. This may not be kosher but it is totally legal. I've never seen a seller lose his or her profit for the seller contribution, it should be added to the price of the home. Period!

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue May 28, 2013
Ask your agent if he is adding the closing cost to the deal or taking them off the agreed price.
For example if the house is 100,000 and they need 6% add them to the price and give the closing cost instead of bringing the offer down to 94,000. If the seller qualfies for the 106,000 with concessions you are still at 100,000 less your costs. You can also negotoate the concessions also.

Good luck
0 votes Thank Flag Link Tue May 28, 2013
Alan is right on the money on this.
0 votes Thank Flag Link Tue May 28, 2013
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