closing cost

[pcdreams]

Just got an offer on our house.. full price IF we pay closing.. Sound a bit iffy to me. Closing is roughly 3400.. any recommendations?

[starjj]

IF you really want to sell maybe split the costs? It depends on what it is worth to you. Is this the original price or the low price?

[Shygal]

Id take it if I were you. What is the difference really if they pay full price and you pay closing, or if you took 4000 less than the asking price?

Youve been trying to sell that for a couple years now, the market isnt great. I say take it. A lot of people are doing that nowadays

[partndn]

I don't know your situation, but around here, that close to asking price would be jumped on with that condition.
All it means is less cash on the spot the buyer needs to close. If they have the credit status to borrow what's needed, and just don't have any cash to bring to the table, then refusing could make them go away completely.
There's nothing at all iffy about it, here in NC anyways.
Exact same as if you accepted an offer of 3400 less than full price.
A qualified borrower could be rare to find again. Good luck!!

[mistletoad]

That is exactly the offer we made to buy this place. We had the money but it made more sense to put that towards a bigger down payment and have the seller pay closing than to haggle down the price and pay closing ourselves (and for some people it could mean the difference between having or not having 20% down). Our seller countered that they would pay closing up to $5,000 and we accepted.

[jill.costello]

I would stipulate "Closing costs UP TO $3400.00.....", so that if they show up at the table with some wild loan-type, you're not paying their origination fees, etc, etc!

[Shawna]

That's how we did it when we bought our place. They were asking 90k and we gave them that and they paid closing costs (roughly 3k). Trading dollars, that's all. It simply cut down on what we needed to have up-front

I'd take it....esp if you've been trying to sell your place for a while. Nothing weird about it!

Good luck!
Shawna

[mnn2501]

Thats very normal thse days, it allows the buyers to not have to come up with so much cash. Why would it be a problem for you?

[cfabe]

Yep nothing fishy about it. It's not different on your bottom line than if they took that ammount off of the list price. Just make sure it's worded properly in the offer so you don't end up paying more than you expect.

[NoClue]

It's common these days. I'm in the process of buying a house myself right now on about the same terms - we actually asked for 3% of purchase price towards closing costs.

My last house I bought, the seller paid closing costs, and when I sold it, I paid 4000 toward the buyers closing costs.

Negotiate if you want, but it's common practice for the seller to pay something towards closing.

[Micahn]

We just made a deal on a new place. We are paying closing cost but we did get it 14K under listed price.

[Joshie]

If you don't wish to take that offer please send those people here. We're still waiting on an offer.

[MN Gardener]

This is very typical in today's market...take the offer and run with it! LOL

[Callieslamb]

How long have you been trying to sell? How badly do you want to sell? How many offers have you had? Do the buyers have financing? Can you afford this offer?

I would take it with the stipulation of a limit of how much closing you will pay. Asking price in this market is usually a great deal!

[buffalocreek]

You're only talking about being out $1700 or so, since normal closings I've been involved in over the years have buyer and seller splitting costs. Snap it up.

[ronbre]

if this is your first offer go ahead and counter with..nope..split costs

[cfabe]

I want to add the advice that you should talk to the realtor or closing agent in depth about all the various costs. How the transaction is done and who pays what is usually determined by local custom and can vary by area. In some cases knowing what to ask for can save you some big money.

One example is how the property taxes are paid and pro-rated to the transaction date. In Ohio where I owned a house, the taxes were paid in arrears and the seller always paid the buyer for the unpaid portion of the taxes when the title transfered. But where we live now in michigan the property taxes are paid in advance, and there is no clear custom on how the pro-rating is done. Turns out in the county north of us it ends up usually being to the buyer's benefit, in our county and south of us it's usually the seller getting money from the buyer. Well our realtor put in to have it done like up north, and the seller agreed to it. Saved us around a thousand bucks, just for asking (and knowing to ask).

The HUD settlement statement will show all of the various charges for taxes, closing costs, comissions, etc. Most of the things on there are negotiable at some point in the transaction, even if they are never mentioned to you other than "sign here, please".

[pcdreams]

worked out a deal today.

contract is signed, earnest money is in, closing date is set for aug 18!!. they waived all inspection etc.

[indypartridge]

Originally Posted by pcdreams

worked out a deal today.

contract is signed, earnest money is in, closing date is set for aug 18!!. they waived all inspection etc.

They waived an inspection? Good for you as a seller, but a buyer should always get an inspection. Always.

[Micahn]

Originally Posted by pcdreams

worked out a deal today.

contract is signed, earnest money is in, closing date is set for aug 18!!. they waived all inspection etc.

Wow that is fast. And no inspections no way I would buy anything from anyone even family without inspections.