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ok, so write your contract like that and see what the seller says.... you are still negotiating.
but, 3% will usually cover closing costs and prepaids in our area, so I think 4.5% is excessive. What is the mortgage lender charging? points? are you trying to get the seller to pay points for you as well?
shelly
It is only excessive if the Lender will not allow it.
If it covers typical costs, the balance can be applied to a rate buy-down.
What is the purchase price, the value, and why a dealbreaker demand for specifically 3%?
How can we know whether that is reasonable or practical without having any insight at all to the transaction?
I see that boilerplate demand closing costs advice all over the place, and the basis in a specific realty is tenuous at best.
If the Seller is getting out by the skin of their teeth, and another 3% would push them into a short sale on a property that the Buyer really wants, how is the Buyer served by advice that comes from nowhere?
You are a realtor who is supposed to be working for the best interest of your client. If your client was this person(the buyer)why not ask for it and use it to negotiate the best offer. I never say make it a deal breaker, if the poster really wants the house and seller refuses, then accept the original offer.
I found a house that I want and the seller states he will pay the closing costs if I pay the asking price..fair enough. Today I received the good faith estimate. Should I inform him what the closing costs are ? Also...if he states he will pay the closing costs, does he automatically assume that includes the pre-paids as well ??
That's a pretty basic question. Honestly, nobody here can tell you exactly what to negotiate without knowing all the specifics. I suggest hiring a good Realtor to help you. If you're still predicting the market collapsing more like you've been singing all along, why are you buying now?
You are a realtor who is supposed to be working for the best interest of your client. If your client was this person(the buyer)why not ask for it and use it to negotiate the best offer. I never say make it a deal breaker, if the poster really wants the house and seller refuses, then accept the original offer.
If you hang around real estate for a little while, it won't be long before you learn that price is not the only parameter to be considered when considering the clients' best interests.
Focusing on price alone is one very easy way to get burned quickly.
Of course, with all options laid out, and comps pulled, and research done, the Buyer may decided that 3% closing costs are wanted. And I would try to get them.
From a North Carolina perspective, which is one other consideration when having RE beer talk on line:
When the Seller refuses, how do you accept an original offer if it is not put back on the table by the Seller?
Countering is rejection, and takes the Seller's offer off the table.
And you said "...the only way..."
Drawing that line in the sand sounds like a dare to be a Deal Breaker to me.
Throwing out generic advice to folks we don't know on questions without details can hurt people who follow that advice.
"Prescription without diagnosis is malpractice." One of my favorite sayings often applies.
If you hang around real estate for a little while, it won't be long before you learn that price is not the only parameter to be considered when considering the clients' best interests.
Focusing on price alone is one very easy way to get burned quickly.
Of course, with all options laid out, and comps pulled, and research done, the Buyer may decided that 3% closing costs are wanted. And I would try to get them.
From a North Carolina perspective, which is one other consideration when having RE beer talk on line:
When the Seller refuses, how do you accept an original offer if it is not put back on the table by the Seller?
Countering is rejection, and takes the Seller's offer off the table.
And you said "...the only way..."
Drawing that line in the sand sounds like a dare to be a Deal Breaker to me.
Throwing out generic advice to folks we don't know on questions without details can hurt people who follow that advice.
"Prescription without diagnosis is malpractice." One of my favorite sayings often applies.
Please explain your line of "price is not the only parameter to be considered when considering the clients' best interests." What other parameters do you consider? In this situation, the client has found a home, in the area they must like so please dont come back with parameters of location, number of bedrooms, pool, etc.. When you are placing a offer on a home what other parameters do you consider for your client? Not trying to be rude by asking, just trying to educate myself.
Please explain your line of "price is not the only parameter to be considered when considering the clients' best interests." What other parameters do you consider? In this situation, the client has found a home, in the area they must like so please dont come back with parameters of location, number of bedrooms, pool, etc.. When you are placing a offer on a home what other parameters do you consider for your client? Not trying to be rude by asking, just trying to educate myself.
There are many parts of a contract to negotiate...earnest money, financing, closing date, closing cost, inspections/ repairs, appliances, contingencies, warranties. A good negotiator finds out what matters to the other side and concedes that to get what's important the their side.
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