closing costs for COOP

Started by newbie08

over 18 years ago

Posts: 44

Member since: Feb 2008

Discussion about

I was just at an open house and the broker mentioned that he already had an offer that was very close to ask... however, he said, that the buyer and seller were very far apart on the "flip tax" and who would pay for that - is that negoitiable? I thought the seller always pays the flip tax? what kinds of closing costs are negotiatble?

Response by csn

over 18 years ago

Posts: 450

Member since: Dec 2007

everything is negotiable.

Ignored comment. Unhide

Response by newbie08

over 18 years ago

Posts: 44

Member since: Feb 2008

okay - well - was is industry standard? what kinds of things are generally included as closing costs for the buyer?

Ignored comment. Unhide

Response by csn

over 18 years ago

Posts: 450

Member since: Dec 2007

Try this. http://www.manhattanmortgage.com/locat.asp?page=puclose&locat=nys

Ignored comment. Unhide

Response by tenemental

over 18 years ago

Posts: 1282

Member since: Sep 2007

Sounds like broker/seller sleaze: You can have the unit at ask or slightly below, if you agree to pay the flip tax, which this possibly imaginary bidder smartly refuses to do. You are right, the flip tax is almost always the seller's responsibility, unless he can find someone willing (foolish enough?) to pay it. Don't think of this as a closing cost, necessarily. Come up with the total amount you are willing to bid, let the seller and his broker hash out how much of that amount is purchase price and how much goes to flip tax.

Here another link for a closing cost breakdown:

http://corcoran.com/guides/index.aspx?page=ClosingCosts

Ignored comment. Unhide