Buyers and sellers both have closing costs during a transaction. Here’s a bit more info about what sellers have to pay for.
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One question I get a lot is, “What are seller-paid closing costs?” I actually get asked the question so much that I decided to answer it in more detail today.
When we’re dealing with a home sale, we always send our sellers an estimate of proceeds. In that estimate, there is always a section for “seller-paid closing costs.” These are various fees associated with purchasing a home.
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Seller-paid closing costs are customary.
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In today’s competitive market, it’s common for a buyer to come in and make a seller an offer that includes a request for the seller to pay 3% in closing costs. Most sellers finance their big purchase through a mortgage that covers their down payment and gives them a monthly payment. Then they will make a higher offer and then ask the seller to pay 3% for different closing costs from various lenders, title people, and more so they have enough money to complete the purchase of the home.
If you have any more questions about this topic or any other questions relating to real estate, give me a call or send me an email. I look forward to hearing from you soon.
