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negotiating closing costs?

Started by kam23
almost 18 years ago
Posts: 37
Member since: Nov 2006
Discussion about
has anyone tried to negotiate the property transfer taxes? if so, please help on how to go about it. it's a new construction building and i have a feeling they are having a hard time selling...the property has been on for about 17 weeks now. is it a good time to try and negotiate this?
Response by csn
almost 18 years ago
Posts: 450
Member since: Dec 2007

I tried and it did not work. Of course they had just lowered their price by about 15% to close out the few remaining units. It is all about value. What the price point is compared to similar buildings. 17 weeks is not a long time to be on the market. What has been sold and the percent s still available is important. Also in new construction the last group of units sold is the profit for the sponsor. Before that all the money from the closings go to the banks. If they will not budge try to negotiate on the price. And if you are not using a broker and going direct to the sales office you should be able to get 2-3% off for the commission they would have to pay to the buying broker.

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Response by will
almost 18 years ago
Posts: 480
Member since: Dec 2007

Definitely try to negotiate. Many sellers do not want to lower prices, especially on new buildings. But I have heard anecdotally than some will deal with you on closing costs and possibly offer other incentives.

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