Seller paid closing costs

Depending on the type of mortgage you get will depend of how much the seller can pay. When you apply for your loan the lender will tell you what is allowed so that when you make an offer on a home with the real estate agent you are working with you will know the limits. There should be no conflict when you ask for seller paid closing costs and your real estate agent will make sure it is presented properly in your offer. I would like to help you with the mortgage procedure and can be reached at 734-395-9027 any time. Thank you

Typically, closing costs are negotiated during the purchasing phase, but before you ever get to this phase, you should have already met with a mortgage broker. The broker will examine your complete profile including assets, and determine from there how to get your costs paid.. he can communicate with your real estate agent the necessity of whether or not closing costs concessions would be required. So, First meet with your mortgage professional, then your agent. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

The seller NEVER EVER pays your closing costs!!!!! Calling it seller paid closing costs is really bad terminology, but that is what the industry calls it. Basically it allows you to roll your closing costs into the loan, rather than pay it upfront at closing. The amount allowed varies by the different loan types, but your real estate agent simply needs to know you wish to roll your closing costs in, and then it gets negotiated into your purchase offer so you can pay it over time.

Pretty straightforward GeraldineWinters, you are negotiating with the seller to cover part of your costs as part of the agreed price you pay for the house. This effectively means you are paying a little more for the house in return for reducing your out of pocket costs. I recommend this approach to my customers who don't have a lot of cash to work with to purchase a home and make sure their agent is aware of the recommendation. The amount the seller can pay is limited by the guidelines of the type of loan you are getting. In general, the seller is allowed to pay at least 3% of the purchase price toward your closing costs and prepaid expenses (assuming you are going to live in the property). So on a $100,000 purchase price, the seller is allowed to pay at least $3000 toward those costs. If the seller were NOT paying that for you, they might agree to sell the home for $97,000 - make sense? The difference means roughly $15/mo difference in your payment. You definitely should let your Realtor know that is something you want as part of the contract. Good luck!

Hi Geraldine! To keep the answer short and to the point, you would negotiate a request for the Seller to pay your closing costs up to a certain $ amount or % of the sales price. You should work with a real estate professional to help you better understand how this process will work and/or seek advice of a local real estate attorney. The seller closing costs are basically an amount that the seller will agree to provide at the time of closing, which just reduces how much they will actually receive from the sale. Best of luck!