If you’ve been scrimping and saving for a down payment, coming up with extra cash for closing costs may seem a daunting challenge.
Angie Momber over at AngieinBend’s Blog has some great advice to help home buyers discern whether or not they should ask to home sellers to pay their closing costs:
Ask if You’re Offering the Full Listing Price
If you’re prepared to offer the full asking price for the home you can certainly include the caveat that the seller assist with some or all of the closing costs. Many sellers will price their home slightly higher than they expect to receive as they believe that buyers will submit low initial offers which need to be negotiated.
For example, if a home is listed at $275,000 a seller might actually be expecting $260,000 or $265,000 for it. You can offer $275,000 but ask that they take care of the closing costs.
Ask if You’re Confident the Seller Has Few Other Options
If the home has been on the market for a number of months or if you’re fairly confident that the seller isn’t going to find much luck elsewhere you can ask them to pick up the closing costs as one of your purchase conditions. You’ll obviously want to negotiate in good faith, but if you’re coming from a position of strength you can leverage this in to some additional savings.
For more tips, visit Negotiation Tips: How to Ask the Seller to Pay the Closing Costs | Angieinbend’s Blog.