Seller pays closing costs?

goofy plan....why not just negotiate, what ever into the price. Closing costs are closing costs. The last thing a seller needs is attempting to figure the exact closing costs and who is bringing what check to the closing. Stop being so clever.

There is such a thing as a seller's concession. It is perfectly legitimate with the banks. The way it works is that whatever the seller gives you at closing and that can be up to 6% of the purchase price, that is how much the purchase price is raised. The seller winds up saving a little at closing. In a strong market usually sellers don't want to do this; it does increase their cost basis, but it doesn't hurt to ask. It's a good idea since some or all of the closing costs are financed. And at these low rates, it's a good deal.

Ellen Silverman
E.S.FundingCo
Licensed Mortgage Broker since 1990
Licensed Real Estate Broker since 1987
NMLS#60631
esfundingco@aol.com

Not typical by any means, but it happens. I just had a seller client in Harlem do this; the buyers were trying to hoard their cash to make a couple of renovations to the apartment.

And before anyone asks, the brokers don't care, because the brokerage commission is based on the same, net - to - seller number.

Ali r.
{downtown broker}

You cant just state "closing costs". Anything is negotiable in theory but Some are easier for a seller to pay than others. Good luck getting seller to pay for your mansion tax or mortgage costs payable to your bank that you might not know until day of closing. Attorney and managing agent fees are a maybe.

I don't get it, why don't you just pay your own closing costs. Why make the deal more complicated by essentially paying the seller to pay something for you? Not to mention it'll increase (although marginally) the mansion tax and transfer tax.