Profile picture for JanetAshworth

Have your agent ask for closing cost, etc. in the contract up front.

  • September 17 2013 - US
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Answers (6)

Most purchase loans I have been involved in have at least some seller paid closing costs.
  • September 18 2013
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Careful increasing the offer price significantly to account for closing costs paid by the seller.  The home might not appraise for the adjusted purchase price.
  • September 18 2013
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Having a seller contribute to closing costs is a very common practice and typically has nothing to do with whether the buyer can afford the home or not.  I've had buyers with 20% down, but not enough for 20% and closing costs - having the seller help with the closing costs allows them to buy a home without mortgage insurance.  

It's also a great tool for first time home buyers to get into a home sooner rather than later.  And lenders have strict requirements for debt to income ratios, so affordability for a homebuyer is determined in the preapproval process.
  • September 18 2013
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Profile picture for Outer Banks N C
If you are going to make an offer you have to ask for closing costs in it, not later after the offer has become a contract. I have never seen any agent ask for closing costs later and have them approved.
  • September 18 2013
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Profile picture for pvhomes

He is right about alienating the Seller, just adjust your offer instead.
It does work however, and is ok for some lower priced homes.. 
  • September 17 2013
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Profile picture for wetdawgs
Why do you think a seller should pay what have traditionally been a buyer's expenses?    As a seller, such a request would cause automatic rejection of an offer - probably not even a counter.   Why?  Because if a buyer can't afford the closing costs, they probably can't afford the home IMHO.
  • September 17 2013
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