Buyer market???? (sale, real estate market, lender)

[raquelo]

In the real estate market ,I'm able to do an offer? are the seller helping with closing cost?

[modster]

Asking price & selling price are usually two different figures. For some reason suburban properties tend to sell closer to asking. Probably because the housing stock is newer and it is easier to get closer "comps" than in older areas where condition can vary widely.

Some sellers get freaked out on the whole concept of rolling some closing costs into the deal, but it is extremely common. Your lender will limit the amount you can roll in. Many limit it at 3%,[of the sale price] some as high as 6%. Here is the rub though, you have to use it or lose it. If you ask for $5,000 in closing costs seller contribution, and tack it on to the price, then they apply your earnest money and option fee to your expenses at the closing, and for example, your closing costs ended up being another $4,000, then the remaining $1,000 goes into the sellers proceeds. You do NOT recieve a check at closing for the "unused" portion, so make sure that whatever you tack on to the price for closing costs does not exceed what it will run, and remember to factor in your earnest money that will be applied first. I hope that all makes sense.

Also, it is not a buyer's market. Possibly in some areas like new construction townhomes where there are way too many, but overall the market is booming. If it is a good deal or a unique property, don't mess around too much or you may find yourself out bid by another buyer.