Who Pays For Closing Cost?
There is a commonly held belief that sellers are typically responsible to pay for a buyer’s closing cost. Is this to be expected? How much are closing cost? How do you get a seller to pay them?
Who Is Responsible To Pay Closing Cost??? The truth is that it is the buyers expense to pay closing cost. If the seller is willing to pay for them, it is simply a reduction in how much they are willing to net through negotiations. In other words, whether they give you $5K off the price or $5K in closing cost, it is of little importance as long as they NET the same bottom line.
How Much Are Buyers Closing Cost??? Buyers can typically expect to pay an additional 2.5-3% in closing cost expenses. These fee’s cover everything from lending charges, taxes, mortgage insurance, and settlement company fees.
How To Get A Seller To Pay Your Closing Cost… Again, while the seller is never is required to pay your closing cost, many of them will as long as they net what they want. Therefore, if you must have your closing cost and they must have their price, try adding the closing cost to the price they want and ask them to give you the extra back as closing cost assistance. The only catch here is that the home must still appraise at the escalated price.
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