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Will the seller pay closing costs? Your experience needed...

Maetryx

Maetryx

Diamond Member
Maetryx here, 😎

I'm a couple days away from making a $90k offer on a house. They're asking $93,500. My offer will be $90k and THEY pay closing costs (roughly $2300). It's not a bluff. I really don't have the extra money. So what is the word on this: plausible? not a chance?

Anyone else ever get the seller to pay the closing costs?
 
Anything is possible. I'd pay the closing costs if I were selling a house for 93 thousand particularly if it was only worth 80. Just depends, I guess, on the seller, his target, and motivation.
 
You can write up the Purchase Agreement any way you both agree to. Closing costs are usually split 50/50. In a seller's market, the seller could ask potential buyers to foot the bill and slough off any contingencies. Opposite is true in a buyer's market. I hear the market is heating up with the economy improving and low interest rates...

Edit That link didn't have any reference to who pays what, so don't use that one! Here's a small section from a usable agreement:
  • Seller shall pay: (a) Real estate Transfer Tax, (b) title exam and one half of owner?s fee premium., (c) prorations due Purchaser, and (d) one-half escrow fee. Seller shall pay directly all utility charges to date of title transfer or date of possession, whichever is later. Purchaser shall pay: (a) one half escrow fee, (b) all recording fees for deed and any mortgage, (c) one-half of owner?s fee premium, and (d) any costs incident to Purchaser?s financing.
 
As has been said, the purchase agreement can be written up any way you want. The worst thet can happen is that it is turned down. That seldom happens, usually the seller comes back with a counter offer. However asking the seller to pay for the mortage tax seems a bit much, and don't forget that you have to pay for your own attorney. I don't know what the rule of thumb is nor, but in the past it was usual to offer approx. 90% of the asking price. Or about 84K in this case. So trying 86 or 87 and paying your own costs works out the same or even better. I have been involved in a deal where the seller paid all costs, but it is unusual. Lynn
 
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