Not If You Don’t Ask… Here Are Some Tips
Closing Costs are fees charged by lenders when you purchase your home. These costs typically run between 2% and 5% of the value of your home. Fees can include appraisal fees, title searches, title insurance, taxes, origination fees and more.
So how can you offset some of these fees and have the seller incur the costs?
Tip 1 – Increase the amount you are willing to pay for the home
Closing Costs typically run between 2% and 5% of the cost of your home and are required to be paid at the closing. You cannot roll Closing Costs into the mortgage. Let’s say the closing costs are $6,000. If the buyer is having trouble paying that amount at the time of closing, they may want to increase the amount they pay for the home by $6,000. They could then have the seller pay the $6,000 in closing costs and roll that amount into their mortgage. The monthly payment will only add up to a few dollars extra each month.
Tip 2 – Buy As-Is
The last thing a seller wants to do is dump money into a home they are trying to sell. Don’t make excessive demands that the seller fix things. Buy the home as-is. You could then determine how much you have in repairs and ask the seller to offset that by paying the closing costs.
Tip 3 – Meet in the middle
Try to meet in the middle or ask the seller what they are willing to pay. If closing costs are $10,000, see if they will pay $4,000. You never know until you ask and most sellers are willing to work with you to not lose a sale.
Tip 4 – BE READY TO CLOSE!!!
Loans can take weeks to close but there are some things you can do as a buyer to speed up the process.
– Secure your funding
– Get pre-approved by a lender
– Have cash for the inspection
If you would like more tips on how to get the seller to pay your closing costs, contact Dwayne Stein at 985-612-1900. You never know what you can get until you ask and Dwayne knows the right questions.