How to Negotiate Closing Costs (Asking the Seller to Pay)
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- Опубликовано: 23 июл 2024
- Is it okay to ask the seller to pay your closing costs? Why not! In this video, I discuss three ways you can negotiate seller-paid closing costs on your home purchase.
Options for negotiating closing costs:
1) Adding additional money to purchase price to offset closing costs
2) Asking for closing costs to be paid by seller
3) Negotiating closing costs during the inspection period
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email: zach@mcdonaldresidential.com
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Other links you might be interested in:
How to Negotiate a Home Inspection (Buyer) - • How to Negotiate a Hom...
6 Mistakes Home Buyers Make (And How to Avoid Them!) - • 6 Mistakes Home Buyers...
Buyer's Market vs Seller's Market Explained - • Buyer's Market vs Sell...
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Answered my question exquisitely! Thanks Zach! Subscribed!
Glad to help!
Thank you so much. Just answered my question in the 3rd scenario. Lol I’ve been googling my fingers off.
Glad I could help!
As a home inspector for over 20 years I would tell the seller (in regards to the water heater), he is going to have to fix it for whoever buys the house so he might as well fix it now so THIS deal goes through.
Good stuff Zack
Thanks!
Now that’s ZACH TASKTIC!
LOL!
Thanks for this information. When do you ask for the closing costs to be paid? In the as is contract or at the closing table? Is a seller credit any different?
Seller credit is synonymous with seller-paid closing costs. In WA, you can negotiate at the beginning or as part of the inspection period.
Hi McDonald. I'm closing June 30th on a $380,000 asking price for a townhouse with Contingency to Appraisal. Given that by closing date the appraised value will probably be lower than 380k, how would you negotiate this deal as the buyer. It's a Turkey property. No issues with it. Great videos. Keep them coming. Thanks.
In Washington State, where I'm licensed, the appraisal contingency protects buyers in the event of a low appraisal. If the appraisal comes in low, the burden is on the seller to either pay for another appraisal, reduce the price, or renegotiate the price with the buyer. Buyer would be able to back out otherwise. I've seen sellers drop the price to the appraised value, I've seen people slit the difference, I've seen buyers make up the difference, and I've seen buyers walk away. It really comes down to what you can negotiate. And each situation is different. Your contract should spell out the parameters for negotiating this situation. And your agent should be able to help you navigate the negotiation and advise on your specific situation. Cheers.
@@McDonaldResidential Thank you Zach.
The title search for the buyer is being done by the seller's lawfirn where she works as a paralegal. In that case, is it too crazy to ask the seller to pay all buyers closing cost?
Same as my comment on the inspection video
With so many people on Zillow and realtor hiding under an LLC, how do I know who is a licensed broker? And who to really trust when trying to buy a home.
Zillow shows license numbers on agent profiles and you can look them up
Currently, it is sellers market. House price is just rocking up. How can we ask seller in current market bro.?
Negotiating closing costs is tough when the market is competitive. Sellers will certainly choose an offer that does not ask them to cover buyer closing costs if given the choice.
Sometimes, a buyer can offer to pay even more money and request the seller to credit some back towards closing costs. When competitive, a buyer likely needs to offer considerably more than another competing offer. Whatever you are asking for to cover closing costs + additional money to still separate yourself from the competition.
O and it's a 380k for sale by owner.
ok
I agreed to use the law firm were the seller works as a paralegal as the title company as well. What would you do?
I'll answer on the other comment
U didn’t explain the main point
About negotiating with lender
Thank you for saving me time!
Closing costs are not just loan fees and the point of the video is to get the seller to help cover those costs
We all know when Jesus said give a man a fish he'll eat for a day somebody in the audience comment section said stop right there and just keep fixing us fish every single day or else suffer the wrath of the thumbs down.
I'm not sure I understand this comment?