What closing costs does the seller usually pay?

Asked by Debbiedm, 39564 Sun Mar 11, 2012

I just moved and am currently leasing a house in Ocean Springs and would like to purchase it now. What closing costs are typically paid by the seller?

Help the community by answering this question:

+ web reference
Web reference:

Answers

14
Jewelaree1944, Home Buyer, Ocean Springs, MS
Mon Mar 13, 2017
3% to 6% of the selling price.
0 votes
Trishabadger…, Home Buyer, Ocean Springs, MS
Sun Dec 13, 2015
my mortage was 70,000 i had an home inspection done and they drop it to 65,000 who pays closing cost because i dont have closing cost what should i do
0 votes
Kathy Lewis, , Valdosta, GA
Sat Nov 7, 2015
It's all negotiable and can vary from state to state. There is not rule that states the seller "has" to pay certain fees. Please reach out to us below to learn more.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
http://www.UsdaMortgageHub.com
0 votes
Brian Martuc…, Mortgage Broker Or Lender, Bethesda, MD
Sun Mar 8, 2015
If the seller is open to selling you can ask them, it is negotiable, in general. However, in most markets sellers are not into paying closing costs. They want a clean deal, with solid financing, and a short closing time. And no seller is going to gift you the closing costs. If you want some or all closing costs paid by the seller, they are going to build it into the purchase price, so you'll pay a higher offer. So if you have $5,000 in costs, built into the price of the house, and you own the home for 10 years, you will have paid $7700 for $5000 in closing costs. So don't finance the costs by asking the seller to pay them, just pay them out of pocket. Plus your offer will be more well received that way.
0 votes
Amy Mosher, Agent, Ocean Springs, MS
Sun Mar 8, 2015
Everyone is aware that the purchase price of a property is negotiable, believing that the agreement upon purchase price alone will make or break a deal. However, there is more to a contract than just the purchase price, such as the agreement upon who is paying what in closing costs. Closing costs are always negotiable, so they can be used as a very smart negotiating tool as well...BUT VERY IMPORTANT FACT to consider here... The buyers' type of loan HAS to be considered if they are asking seller to pay any closing costs. FHA & some Conventional loans will only allow BY LAW the seller to only pay up to 3%. But VA & USDA loans will allow the seller to pay up to 6%. SORRY THERE WAS NO SHORT ANSWER TO YOUR QUESTION!
0 votes
Chad Roberts, Agent, Henderson, NV
Fri Jul 26, 2013
In any fast paced seller’s market where listings are receiving multiple offers within days or even hours of posting, you will find it difficult to win the bid on a property if you’re asking for closing costs.

In buyer’s markets where there are more homes for sale than there are buyers, you will find sellers are more open to paying closing costs, simply because they don’t have a lot of options.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes
My agent put on an offer under, costs to be paid by seller. Other: Owners Title and associated expenses to be split 50/50 buyer and seller. What does this mean? What are associated expenses? Thanks for the help, I can't reach my agent and this now has me worried. I thought we were splitting all closing costs including mine 50/50 but now I'm thinking I'm paying half of theirs. I'm also wondering if they are trying to get me to pay half of their sellers agent fee
Flag Thu Feb 13, 2014
Melissa Goss, , Center Moriches, NY
Fri Jul 26, 2013
Are you buying a home? That is the impression I was under. If that is the case, do not expect the seller to split the closing costs. It's not so common anymore, and likely if you are buying, you will have to pay all of the closing costs.

The seller will of course have his own fees he will need to pay.
0 votes
Andrew Geotes, Agent, Gulfport, MS
Thu Jul 25, 2013
I'd love to answer your question more thoroughly. You can contact me through my profile if you would like.
0 votes
Allison Fish…, Agent, Ann Arbor, MI
Mon Mar 12, 2012
This is fully negotiable and your Realtor should be able to expertly navigate these waters based on your situation, financing, property etc...

There is not one particular cost that sellers cover, but often there are concessions at closing. Hire a great Realtor from the beginning and trust them to help you decipher these things.
0 votes
Devin Collins, Agent, Ocean Springs, MS
Mon Mar 12, 2012
Bottom line it's negotiable. My husband and I are Real Estate Brokers in Ocean Springs and from our experience here we've seen buyers and seller on average split them. Usually you can negotiate 3% from the seller depending on how well the property is priced. If they are selling it to you for a "Good Deal" they may or may not have the funds to assist you with your closing cost. Communication is key. Should you and your landlord need a Realtor please feel free to give me a call. Thanks, Beth

Beth King, GRI
Broker/Owner
http://www.ShorelineRealty.net
Ocean Springs, MS
Cell: 228-424-1643
Fax: 228-875-6030
0 votes
Mike Sullivan, Agent, Gainesville, FL
Sun Mar 11, 2012
Typical closing costs for the seller are the real estate commission, title insurance, as well as pro-rated taxes, any required state doc stamps, and attorneys fees. These costs run in the neighborhood of 8% here in Fl. In some cases, the seller will pay some of the buyers closing costs as well...these amounts are negotiated between the two parties.

Hope this helps!
0 votes
Jenifer Hick…, , Mississippi
Sun Mar 11, 2012
The closing costs are negotiated in terms of the offer & counter offers. Foreclosure & short sales usually will pay up to 3% of the purchase price towards closing & prepaids. Some new homes such as Breland Homes offer to pay all closing costs & $1k towards prepaids. It all is negotiable if the home is priced good for the market some times you can counter an offer to add the closing costs in the counter & commission to be based on net o seller so that allows the seller from having that "I'm giving the home away" feeling. This can only be done if the appraisal will support the price. There are many ways to be creative in the negotiation of an offer to make a solid contract. I hope this helps you, if you have any questions or need help I would be happy to answer them.
Jenifer Hickman
Gulf Coast Heriage Realty
Ocean Springs, MS
228-327-3628
jkeyrealty@gmail.com
http://www.yourrealtykey.com
0 votes
Alain Picard, Agent, Puyallup, WA
Sun Mar 11, 2012
Out here the seller will usually pay for a title insurance policy for the buyer, half of escrow, the commission to the real estate agents, and excise tax just to name the main ones. The buyer will usually pay for recording, half of escrow, loan fees, home owners insurance pro rated, property taxes pro rated, and the home inspection. Depending on the property there could be other things such as home owners associations. A lot of buyers these days are asking the seller to pay some or all of their closing costs.
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Sun Mar 11, 2012
The seller can pay closing costs based on the terms of the purchase contract. The costs that are covered can be used as a tool for negotiations for both the buyer and the seller of a home. The most common closing cost that a seller will pay is the buyer's loan costs.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more