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Old 04-13-2015, 06:58 AM
 
Location: Cary, NC
31,605 posts, read 55,320,924 times
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Quote:
Originally Posted by sovertennis View Post
Many thanks for all insightful and informative replies. Because the market here definitely favors the buyer, I'll keep an open mind about subsidizing closing costs.
Don't look at it as a subsidy.
Look at the net proceeds, i.e., how will you pocket the most money?

If one buyer offers you $200,000 and asks for $4000 in CC...

And another buyer offers you $195,000...

Which offer will put more money in your pocket?
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Old 04-13-2015, 10:04 AM
 
Location: Sugarland
13,230 posts, read 11,764,006 times
Reputation: 15258
Quote:
Originally Posted by sovertennis View Post
We're putting our home on the market today. When we met with the realtor, whom I've known for many years and in whom I trust, she showed us some "comps" and the price at which they closed. On many of them, the seller had paid all or a portion of the buyer's closing costs, usually in the $3000-7000 range. Our realtor said this was very common because "people just don't have the money to pay those costs".

When we buy our next home, I won't expect the seller to pay our closing costs, hence I'm very reluctant to pay those of our potential buyer. Could some of you who have experience with this please comment? Many thanks.
I expect the seller to pay 3% of my closing costs. I also expect that the seller has already taken this into account and has priced the house accordingly.
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Old 04-13-2015, 11:55 AM
 
192 posts, read 720,722 times
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Quote:
Originally Posted by Sweet Like Sugar View Post
I expect the seller to pay 3% of my closing costs. I also expect that the seller has already taken this into account and has priced the house accordingly.
That's a weird thing to expect. I priced my house based on the current market value of my house compared to other recent sales, not based on the buyer's inability to pay his/her own closing costs.

I've bought twice and sold once now, and each time the buyer/seller have paid their own closing costs. The only extra money ever changing hands is for repairs negotiated during the inspection period.
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Old 04-13-2015, 12:00 PM
 
Location: Sugarland
13,230 posts, read 11,764,006 times
Reputation: 15258
Quote:
Originally Posted by Enkiktd View Post
That's a weird thing to expect. I priced my house based on the current market value of my house compared to other recent sales, not based on the buyer's inability to pay his/her own closing costs.

I've bought twice and sold once now, and each time the buyer/seller have paid their own closing costs. The only extra money ever changing hands is for repairs negotiated during the inspection period.
In the area and price point I'm looking at, it's not uncommon. So, yes I expect it. If they don't agree, I can consider paying it myself or just move on to a different house, but I'll always ask for closing assistance in my offer.
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