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Tips on Asking the Seller to Pay Closing Cost

closing cost1You’ve found the perfect new house or condo, and you are now preparing an offer that you believe the seller will find tempting enough to accept. However, you know that there are going to be thousands of dollars in closing costs that need to be paid before the sale is completed and you become the home’s new owner. The question is, should you ask the seller to pay some or all of the closing costs? In this blog post we’ll address this question and list a few scenarios in which you may want to consider having the seller pick up the tab.

If You’re Offering the Full Listing Price

If you’re prepared to offer the full asking price for the home you can certainly include the stipulation that the seller assist with some, or all of the closing costs. Many sellers will price their home slightly higher than they expect to receive as they believe that buyers will submit low initial offers which need to be negotiated. For example, if a home is listed at $275,000 a seller might actually be expecting $260,000 or $265,000 for it. You can offer $275,000 but ask that they take care of the closing costs.

If You’re Confident the Seller Has Few Other Options

If the home has been on the market for a number of months, or if you’re fairly confident that the seller isn’t going to find much luck elsewhere. You can ask them to pick up the closing costs as one ofclosing cost 2 your purchase conditions. You’ll obviously want to negotiate in good faith, but if you’re coming from a position of strength you can leverage this in to some additional savings.

If You’re Ready to Close Immediately

Are you ready to sign on the dotted line today? If you’re sure that this is the right home for you, let the seller know that as long as they’re willing to assist with the closing costs and accept your bid that you’ll start the closing process today. Nearly all sellers will be willing to make a small sacrifice to get the deal done.

As you can see, there are a number of situations in which it makes sense to ask the seller to shoulder some of the closing costs. If you have found a home that you wish to purchase and you’d like advice on how to proceed, contact your real estate agent today. An experience real estate professional can help you craft an offer that the seller won’t be able to refuse.

moo thorpe headshotWhether you are selling your home or considering buying a new home, I can help you with your endeavor. Please contact me at 505.780.0310 or fell free to email me at moo@moothorpe.com and I would be happy to assist you.

 

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