Should You Ask for Buyer Closing Costs? | Seller Subsidy Tips When Writing Real Estate Contract

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Should You Ask for Buyer Closing Costs? | Seller Subsidy Tips When Writing Real Estate Contract

Рет қаралды 5,162

7 жыл бұрын

In this video, Arlington real estate agent and Realtor Matt Leighton talks about whether you should ask for closing costs when purchasing real estate.
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When purchasing a property for sale, should you ask for a seller subsidy?
You will have to make that decision when writing up your contract.
Depending on your situation, this might be a route you should look to take.
If you are competing on a property and there will be multiple offers, it is probably not recommended unless you have a really strong contract otherwise.
The best time to ask for a seller subsidy (also known as closing costs) is when there are no other offers.
If there are no other offers, think about offering a little under the list price and ask for a few thousand in closing costs. The sellers only care about the net sales price (sales price minus subsidy).
Be careful not to inflate the sales price so much that the property won't appraise. If you are looking for $15,000 in seller subsidy and want to write a competitive offer, don't bump the sales price up $15,000 then ask for $15,000 back. Although the 'net' price would still be list price, the property would probably not appraise for that amount.
If your offer is clean and you are not competing with other offers, the opportunity is there for you to work this into the deal.
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• Should You Ask for Buy...

Пікірлер: 14

@TheMattLeighton 6 жыл бұрын

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@anchoragerealestate 7 жыл бұрын

Hey Matt, great video! Informative, fast-paced, to the point and without all the fluff. Love it. I'm a Realtor up here in Anchorage Alaska just about to launch my channel and came across yours and appreciate your style, just subscribed. If I come across anyone moving to your area I will definitely be sending them your way. Keep up the awesome videos!

@TheMattLeighton 7 жыл бұрын

+AnchorageRealEstate thanks for watching! Best of luck with your channel

@C63RHtown 6 жыл бұрын

Can you talk about buy a home when using a VA loan.

@3flgator 4 жыл бұрын

The title search for the buyer is being done by the seller's lawfirn where she works as a paralegal. In that case, is it too crazy to ask the seller to pay all buyers closing cost?

@denispalacios5485 5 жыл бұрын

Very useful stuff. I watched your videos back and forth taking notes. I’m finally closing on Monday. Thank you deeply for such a helpful and educational videos you had post. Greetings from NY.

@TheMattLeighton 5 жыл бұрын

Thank you so much! Congratulations on your closing!

@denispalacios5485 5 жыл бұрын

Matt Leighton is great the amount of information you give us. It was a moment were my agent told me...you are well advised hmmm. I told her about the video you posted about hidden closing cost. It came out handy. Thank you always.

@TheMattLeighton 5 жыл бұрын

My pleasure!

@basshnter1606 4 жыл бұрын

The net for the seller is not the same in your example. At a 6% realtor commission the seller would be out an additional $300.00 at a $400,000 sale price with $5,000 in buyers closing cost paid vs a straight $395,000 sale price with no buyers closing cost paid.

@TheMattLeighton 4 жыл бұрын

Good call. Thank you for your correction!

@rick_brindle 5 жыл бұрын

What about “For Sale by Owner”? I’ve been renting a house for the last three years. Owner wants to sell and I want to buy. No agent. Who has the leverage? Would it be fair to split closing? You ROCK btw! Learning a lot from your vids! THANK YOU!!

@TheMattLeighton 5 жыл бұрын

Thank you! And good question! Have you all agreed on price? Did you include a seller subsidy? Who is more motivated to buy/sell, you or the owner? Whoever is more motivated will be more likely to negotiate (most likely).

@rick_brindle 5 жыл бұрын

Matt Leighton I’m a self proclaimed “Professional Renter”. I’ve been renting all my life. I would keep renting this house for the next 30 years if I could. However, the owner let me know they would not be renewing my lease as they are ready to “unload” the property. They offered to sell to me for 200k. The comps in this specific cookie cutter development are selling for around $235k. This has all the bump outs and upgrades. When I asked to split closing they offered to up the selling price to 208k with seller assist. I get that’s less cash in hand for me but wouldn’t the seller be saving a bundle selling the house this way?