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How To Get The Seller
To Pay It's possible to buy a home with no down payment (See another Special Report) plus, it's possible to pay little or no closing costs! Before I tell you exactly how to get the seller to pay for all or part of your closing costs, let's make sure you understand what closing costs consist of. Closing costs are those fees that are required by the lender, government agency, or person or firm handling the closing. These closing costs can vary from approximately 2% of the sales price to 6% of the sales price. The range from 2% to 6% depends upon the type of financing, type of property, location of the property and optional or mandatory costs required to purchase the property. Some of these closing costs include an appraisal, loan origination fee, credit report, underwriting fee, attorney or title company fee, title search, title insurance, survey, recording fees, etc. Here are 3 strategies to get the seller to pay for all or part of your closing costs: 1. Offer the seller their full asking price and just ask the seller to pay for them! When we say ask the seller to pay we don't mean verbally. When the purchase agreement is written, request in writing for the seller to pay for all or part of your closing costs. 2. Offer the seller more than their asking price with them paying for all or part of your closing costs. This strategy should only be used if the type of financing and appraised value will allow it. 3. Offer the seller a price less than their asking price that includes the seller paying for all or part of your closing costs. You will expect the sellers to counter offer at a higher price and pay for all or part of your closing costs. In the above examples it is important to remember that any one of them may work or none of them may work! When a homeowner puts their home on the market for sale you don't know what is their marketing strategy. Some homeowners price their property exactly where it should be and won't take anything less than asking price and won't pay anything towards a buyers closing costs. Some homeowners price their property higher than they expect to receive and are readily willing to either accept a lower offer or pay for all or part of a buyers closing costs. Sometimes a property is priced right, looks right, and is in the right location and receives multiple offers from several different buyers at the same time! If you offer full price, all cash and pay for all of your own closing costs, you may not get the property. Well priced, well located homes that are in high demand may sell for more than the asking price with no seller concessions. If you are a veteran and eligible for a VA loan, the seller can pay 100% of your closing costs'. including your prepaid items. In summary, it's possible to get the seller to pay for all or part of your closing costs but not on every home. Depending upon the market conditions, the sellers motivation, sellers flexibility, asking price, length of time on the market, price range, type of financing and other variables the seller may pay for all, part, or none of your closing costs. I am an expert at negotiating for home buyers that I represent. It would be my pleasure to help you purchase your next home. I look forward to hearing from you via email or phone Maria Scors 973-610-1909 eMail: MariaScors@NJHomesMove.com |
