how much approximately is the closing cost? Is it common to ask the seller to pay for it as part of the negotiation?

Asked by First Time Buyter, Temple City, CA Wed Feb 16, 2011

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BG, Home Buyer, Phoenix, AZ
Wed Feb 16, 2011
any where between 5K-10K ... excluding financing cost. If a buyer lacks the ability to come up with cash for closing cost then they normally negotiate it into the final purchase price (jack it up 5K) and have seller credit buyer 5K in closing cost.
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Jonathan Katz, , Calabasas, CA
Wed Feb 16, 2011
It really depends on every deal. FHA/VA Buyers MUST have their closing costs paid by the Seller. If you have a solid offer you can always negotiate with the seller to the terms that best fit your needs. We process hundreds of short sales and on many of them they actually pay the seller's closing costs for them.

In regards to what you were asking about "how much are closing costs approximately" that too can be answered on case by case situation. In most cases as I mentioned above in the short sale business the banks will typically cover up to 3% of the closing costs. Many time our buyers don't use that whole 3% but it depends greatly as well on what the purchase price is...

There are a lot of great deals out there and still many to come.

All the best in your searches and if you have any questions please don't hesitate to ask.
Jonathan Katz -- Absolute Consultant Group
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