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Old 09-13-2019, 06:22 AM
 
41 posts, read 11,303 times
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Can someone explain to me why closing fees of buyers and sellers are sometimes/always? negotiated because money is money: Why not just focus on the house price while keeping those fees in mind? Is it just psychological?
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Old 09-13-2019, 07:21 AM
 
Location: Union City, NJ
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Because some buyers prefer to bring less cash to closing either because they don’t have it or because they prefer to spend it on fixing up their new house.
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Old 09-13-2019, 07:58 AM
 
Location: Greater NYC
2,932 posts, read 5,020,972 times
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Quote:
Originally Posted by HudsonCoNJ View Post
Because some buyers prefer to bring less cash to closing either because they don’t have it or because they prefer to spend it on fixing up their new house.
This. Some would rather have more money rolled into their mortgage if they'd rather use their cash for something else (improvements, repairs, furniture, etc.) or are cash-strapped. Also, it's not really negotiated; the buyer decides - within the closing restrictions - what she/he wants to roll in or bring to closing. The seller gets the same amount either way.
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Old 09-15-2019, 09:48 PM
 
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Thank you, I appreciate the feedback.
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Old 09-16-2019, 09:43 AM
 
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All the windows in our house needed replacement. If the seller was to do it they would have gone for the least expensive option done quickest because they want to be rid of the house. I wanted something more energy efficient done right.

So in the end we compromised and they gave us a credit that was less than them doing it quickly but something we could use to fix things correctly. If they'd replaced the windows it would have cost them more and another buyer might not have cared about the windows at all.

This is only one example, but that's why you can't take this into account in the home price.
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Old 09-16-2019, 02:37 PM
 
Location: Montclair, NJ
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If you are buying, be sure you have a handle on cash needed to close. It's different than closing costs!
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Old 09-23-2019, 06:19 PM
 
Location: Cranford NJ
1,048 posts, read 3,597,946 times
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If you're rolling in the closing cost, the appraisal has to reflect the additional value.
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