it is the seller supposed to contribute with part of the closing cost (2)

Asked by Yani, 33010 Fri Nov 12, 2010

Yes we negociated the sale.The asking price of the property was 219 900.We offer 205000.They said yes but with no contribution toward closing cost.Do you think is a good deal?Our agent says yes.House is a 2011 sq ft 4 and 2 in hialeah

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Chuck Carste…, Agent, Elk River, MN
Sun Nov 14, 2010
If you need to have the sellers pay closing costs to make the amount you are bringing to closing work for you financially then you need to make sure that you ask the seller for them and work them into the sale one way or the other whether its at this price or a little higher with them paying the closing costs.
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Desari Jabbar, Agent, Stone Mountain, GA
Sun Nov 14, 2010
Your agent is best partner in this transaction. She will be able to answer whether this property is a good deal for you or not. As, she knows your financial situation and your local market.

Best of luck to you!
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, ,
Fri Nov 12, 2010
If your agents says yes, I would assume they know the market and know what they are talking about. If you do not have a contract yet, and need to include closing costs because of the down payment you have, you will have to increase the purchase price of $205,000.
I will show you how this can benefit you. Let's say you want to put 3.5% down, and will have $6,000 closing costs. Keep in mind, I am only making up the closing cost number. If you don't increase the price and take the seller's concession, you would need $7175, plus the $6,000 closing costs, or $13,175. If you increased the price to $211,000, had the seller pay $6000 towards closing costs, you would only need a total of $7375.
Now, please don't all of you rush in and tell me that I didn't include the up-front MIP. I was just doing this for illustration purposes to show it to Yani as simply as possible. Yani, with my example, you come to the table with less money, and the seller gets the amount they want. The other key factor however is that the house has to appraise for the $211,000.
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Anna M Brocco, Agent, Williston Park, NY
Fri Nov 12, 2010
Were closing costs negotiated with your offer....refer the question to your agent.
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Ainsley Daux, Agent, Brandon, FL
Fri Nov 12, 2010
Hi Yani,
Not sure if you already signed the contract but the seller is not obligated to pay closing cost. Your agent can negotiate closing cost on your behalf. Also, your agent can run comps in the area and advise you regarding the market value of the home. Also, speak to your lender ask the lender to provide an estimate on how much closing cost is needed that may help with negotiating.
Good luck
Ainsley Daux
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Rosa Rodrigu…, Agent, Pembroke Pines, FL
Fri Nov 12, 2010
Yani, the closing cost is something that may be negotiated by both buyer & seller, but seller does not need to agree. Before you sign the contract, make sure your agent verifies comparible sold properties within the area. Confirm if the home has any know violations. Violations can be a setback in the transaction process. Remember, this is HIALEAH!
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