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Old 08-07-2008, 12:08 PM
 
Location: Minnesota
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If we are willing to pay the closing costs for any buyer, should we list that in the description of the house? Can you even do that? I want to have an edge and am more than happy to pay closing costs so I would think if a buyer saw that it would make them at least come take a look at the house.
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Old 08-07-2008, 12:17 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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It's legal in CA. We often use the phrase non-recurring closing costs.
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Old 08-07-2008, 12:25 PM
 
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I'm torn between advertising it or using it as a bargaining tool. For example, if the buyer makes a low offer, how low are you willing to go and still pay for closing costs? Or would it be seller is willing to pay closing costs with a full price offer?
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Old 08-07-2008, 12:34 PM
 
Location: Minnesota
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Quote:
Originally Posted by tamitrail View Post
I'm torn between advertising it or using it as a bargaining tool. For example, if the buyer makes a low offer, how low are you willing to go and still pay for closing costs? Or would it be seller is willing to pay closing costs with a full price offer?

It depends on how low the offer was. If it is less than what I would take now, then I would say no. But I have a pretty big amount that I will go down. My house is listed at $425,000 but we would take $380,000 for it if we had to. Anything under that will probably not happen. So if they offered $380,000, I would probably still pay the closing costs. Does that make sense? I have a HUGE headache so forgive me if I am rambling.

Kristine
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Old 08-07-2008, 01:00 PM
 
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You could always say, 'seller may contribute towards closing cost'. But not say a specific amount and that's where your bargaining can come into play. They know you can, but not how much...
maybe
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Old 08-07-2008, 01:16 PM
 
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Definitely! Those are the houses I look at FIRST.. The houses that states seller pays XX amount towards home warranty & don't mention closing. I left with the impression the seller is NOT willing to pay closing & those houses we look at last.

Also houses that state carpet allowance with full asking price. I left with the impression this seller is NOT willing to lower the price that much & won't pay the closing. If a seller list anything with full asking price its automatically turn off for me as a buyer
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Old 08-07-2008, 01:17 PM
 
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Yes, I would agree not to be specific. If someone offers you say $375,000 and you want to take it, they will ask about their closing costs, because you said you would pay them. "May" pay or "willing to negotiate" closings costs gives you an out.
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Old 04-07-2010, 02:27 PM
 
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I would like to know a ball park figure on the closing costs on property that is selling for $30,000.
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Old 04-07-2010, 02:33 PM
 
Location: Rural Central Texas
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I have always used the phrase "Seller to pay buyers closing costs negotiable". Depending upon the type of financing obtained (VA/FHA/Conventional) there may be some buyers costs prohibited from the seller cost statement. The work around then is to provide a "repair allowance" at closing that will be similar to the cost the buyer is required to pay out of their pocket.

This opens the door in the buyers mind that they can get into the property with little or no out of pocket, but keeps them aware that you must have a minimum sales price to have those funds available to pay the costs at closing.
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Old 04-07-2010, 02:35 PM
 
Location: Rural Central Texas
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Quote:
Originally Posted by mimimam View Post
I would like to know a ball park figure on the closing costs on property that is selling for $30,000.
You can search online for VA/FHA closing cost estimates and get a figure that might stay in a very large ballpark. There are so many lender influenced fees that it is very difficult to get that figure without a specific lender/closing company input. The government loans will have some guidelines for min/maximums for many of the fees, but there are some that are totally at the discretion of the lender.
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