Is it acceptable to ask the seller to pay all closing costs if I offer what they're asking and the house has been listed for years?
Some great answers here already confirming the First Rule of real estate negotiations, that is: THERE ARE NO RULES! Rather, the best practice is using an additude of using everything you can put hands on and putting it all at to your disposal, and know that any and all ways to win your day are acceptable. Now to pull this off, is like psyc 101 warfare, you need to learn the sellers soft spot(s), there's obviously something of special interest going on here as the history is speaking volumes. A most influential person I learned the best negotiation tactics from once told me “listen to he background music when the others are auguing and you'll find the secret to winning the transaction whilst the people on the front line are otherwise occupied. This has served me well. Get an experience REALTOR involved, and as many others as you can, a title company, escrow guy, lenders (even if you don't use them)… It should get rather loud with all the opinions on how to proceed, that's when you go for the background music and win the day. Now getting back to reality, the need you have for closing costs” are just another way to say we need a better deal. Do you really care which part it comes from if it ends up on your side of the transaction on closing day? Don't let a change in the discount venue mess up your opportunity. You may find there a way to save even more if you say I'm the flexible one here, you may be surprised to find you may get even more by just saying “I want this home to the seller and telling him to help you work out some small details. BEST LUCK!
Is it possible to buy a house with no closing costs.?
Is it possible to purchase a home with no closing costs. I mean, I have more than enough money for a down payment. A recent check has left me with enough money to pay off all of my debts, and after taxes and fees I will still have $66,000 left and I am willing to put around $45-50,000 down as a down payment but I can't stand the thought of paying fees and stuff. To me it's just rediculos. I mean I am borrowing around 50-60 thousand dollars and they want to stick me with fees to take out a loan. Thats crazy. I know you can get a re-finance with no closing costs, but I am talking about me seeing a house for sale in the paper or on the internet, and buying it. I want to avoid closing costs. Please no answers from people who all they do is search google for all their answers. I am looking for someone who actually knows what they are talking about. I am looking to purchase a home within the next 30 days in Lake County Indiana if that makes a difference.
I put an offer on a house....?
The house is $185,000. I made them an offer of $180,000 and that they pay the closing cost's. They counter offered saying they wanted $186,000 and they would pay us 3%. Is this a good deal?... What would you do
Can i raising the selling price of home to cover closing cost before accepting buyer offer.?
we are selling our home privately and came to a verbal agreement with a neighbor of a price of $350,000 and buyer pays all closing cost. when the buyer submitted a written offer they offered $350,000 and seller pays all closing cost ( about $9,000). they said that their preapproved loan would not allow them to pay closing cost. (???wierd to me??). fine. what i want to know is can i counter offer them with a higher price of $360,000 to cover these closing cost. the only thing in writing on the selling price is an email that clearly states we will sell the home for $350,000 as long as buyer pays closing cost and we walked away with $350,000. can I change the price of my home this late in the game. if i cant get $ 350,000 for the home i am not going to sell it. any advice on what i can do to make this work to my advantage. I really dont want to list my home and only want to sell it privately to these neighbors or not sell it at all. help needed
If I back out of the deal before closing on a house, am I still responsible for some of the closing costs?
You would pay the appraisal and inspection fees before those services are provided.If you back out of buying a house based on a contingency in the contract, then you would not owe anything else.If you break the contract, then you may be liable for the earnest money deposit or a lot more. In my state the earnest money deposit may be accepted by the seller as liquidated damages. But they don't have to accept that amount and may sue you for actual damages. There are so many reasons that backing out of buying a house could cost the seller a large amount of money. This could include real estate agent commissions, loss of the house they were buying the following week, additional holding costs, costs to marketing the property again, attorney costs, etc. You could be held liable for all of this.
Closing cost and FHA loan?
You can, but do not have to since you have more than the required 2.25% minimum down payment required. It might be in your best interest to not include closing costs and adjust your contract downwards to reflect it because the tax basis is often changed to the purchase price. Once the offer is accepted you can likely change the contract as long as the seller would still net the same amount from the sale. You should also be aware that there is a government program in each state aimed at lower to median income buyers that offers lower than average interest rates and, depending on your income, grants to cover downpayment and closing costs. Check with your state housing department for more info.