Most buyers prefer to buy the house at a lower price rather than a sellers concession. However, if you are short money for closing costs then ask for the sellers concession. You are right there is no benefit for the seller to choose one over the other if the amount id the same then he will be netting the same anyway.
How much you save. It makes very little difference to the sellers’ bottom line if they drop the sales price by three percent or pay three percent toward your closing costs. For example, if you negotiate for a $200,000 house, you could offer 95 percent of the sales price, or $190,000. Or you could offer $200,000,
· If closing costs are an issue, or if you’d like to buy yourself a lower interest rate, run some numbers and see if a full-price offer with some seller concessions is a better deal for you.
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Seller Paying Closing Costs What'S Benefit | Cityofmassena – While seller-paid cost amounts are capped, the limits are very generous. A homebuyer purchasing a $250,000 house with 10% down could receive up to $15,000 in closing cost assistance ( 6% of the sales price ). This is a cost. from the seller, who gets paid monthly, at a rate around 1 percent higher than banks charge on 30-year fixed mortgages.
You can make an offer near your max, say $224,000, and stipulate in the contract that the seller will pay your closing costs from the proceeds of the sale. You would give the seller $224,000, and she would turn right around and use $4,000 of that to cover your costs, leaving her the $220,000 she would ultimately settle for.
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What first-time home buyers need to know about closing costs – · In a seller’s market, a seller might get over their asking price and have backup offers. In that case, don’t expect they’ll pay your closing costs. However, if a seller does not have a bidding war, and is working hard to close the deal with you, you may get them to pay some of your closing costs.
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