Description

A home purchase is an enormous transaction and negotiating the best price and terms is a vital part of the process.  Asking the seller to pay closing costs is one way to reduce the net and sweeten the deal for a buyer... in concept.  In actuality, this is still a little to vague to get the job done.  Most importantly, the most significant costs for both buyer and seller don't appear in the purchase contract.

Key Points

  • Are you trying to improve the deal, arrange enough cash to close
  • Seller's care more about their net proceeds
  • Know what is ordinary & customary in your County
  • Negotiating costs that are not customary raises eyebrows
  • Loan fees are not in the purchase contract
  • Seller credits can help meet cash requirements (and pay loan costs)

Lesson Files