Seller Pay Closing Costs
With the increase in rates, almost 1/2 a percent in some cases in just the last month, how likely are sellers to pay for closing costs these days? I think it would help with the hike in rates. My closing costs are $7,438 but the property is valued at $169,500. I am a first time buyer and this seems a bit high. Adding the closing costs would help. by nalupuphen972 from Alma, Arkansas. Oct 9th 2018
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
seller credits will be more tied to the pace of the market ..if properties are sitting on market longer than they were several months ago ..then they will likely be more receptive to providing a credit if asked ....... do your closing costs include a loan fee ( points) ? does this figure include the prepaid taxes / ins / interest ? you can likely lower costs by considering taking a higher rate
Brian French (bfrench)
#11 ranked lender in Arkansas - 58 contributions
Good morning - 8 out of 10 of my transactions here in Arkansas involve the seller paying most if not all of the buyer's closing costs and prepaid expenses. Ask your agent to include the seller paying up to 5% of the buyer's closing costs in the offer.
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