Profile picture for user9574216

who will the pay the closing cost of this house?

im a first time buyer and I have a lot of things that maybe i need to know when purchasing a house, is it the buyer or the owner that will pay the closing cost?
  • October 03 2013 - Whitney Ranch
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Answers (6)

Everything is negotiable.  I recommend speaking with your Realtor and creating the strongest offer possible that will benefit you, which could include asking for the seller to pay for the closing costs. 

  • October 14 2013
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The Seller, if you are smart, and I can tell you are. The Seller can pay at least three percent of the price of the house toward closing costs. If you are putting 10% down they can pay up to six percent of the price toward your closing costs which will allow room for some rate buydown if you'd like to use it that way.

The Seller will have costs that are associated with their side of the deal by convention. The Buyer will have costs that are normally charged to the Buyer but can be paid by the Seller as a concession to the Buyer.
  • October 03 2013
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Profile picture for hpvanc
It is negotiable, under current lending rules

Keep in mind, if the seller pays it, you essentially take out a higher mortgage, and pay for the closing costs plus interest over the life of the loan. In low down payment situations it results in negative equity at the close of the transaction, and will limit your options (possibly to the point of forcing you into a short sale or foreclosure) if something comes up and you need to move in the next few years.
  • October 03 2013
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Profile picture for wetdawgs
You wrote "this house".  Please note that your comment was not associated with a specific house.

In general, plan on closing costs being a buyer responsibility esp in a seller's market.   While  a seller can pay, a seller can reject an offer where they are asked to pay.  
  • October 03 2013
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It is negotiable.  Talk to your agent and make sure you structure your offer accordingly
  • October 03 2013
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Profile picture for Alex Kursman
That is negotiable and it depends on the market. There are several other factors also. I can explain it to you if you would like. Look up my profile and give me a call and I can answer all you questions. 
  • October 03 2013
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