Closing costs

[Anonymous]

Are any sellers paying closing costs in this market?
Understandable that it’s looking more like a buyer-friendly market (in Fairfax Co, Va) but haven’t heard of cases yet where sellers are expected to pay closing costs.

[Anonymous]

Not in our experience as buyers in Arlington if you’re actually referring to true closing costs. If you’re referring to buyer agent fees then yes most sellers are covering all or most of those.

[Anonymous]

Closing in 30-days and seller is paying closing costs.

[Anonymous]

Anonymous wrote:Not in our experience as buyers in Arlington if you’re actually referring to true closing costs. If you’re referring to buyer agent fees then yes most sellers are covering all or most of those.

OP here: yes actual closing costs in addition to buyer agent

[Anonymous]

Anonymous wrote:Closing in 30-days and seller is paying closing costs.

Did the buyer offer anything to soften the closing cost clause? Curious to know the circumstances under which the seller is covering closing costs in this market?

[Anonymous]

Hi,

I’m selling a house in MD. The last offer I got, the buyer requested 3% closing costs assistance for $560,000 instead of $550,000 (We dropped the price to $550,000).

Our agent said it was a common practice because we’re in a buyer market but we decided to decline the offer.

[Anonymous]

Anonymous wrote:Hi,

I’m selling a house in MD. The last offer I got, the buyer requested 3% closing costs assistance for $560,000 instead of $550,000 (We dropped the price to $550,000).

Our agent said it was a common practice because we’re in a buyer market but we decided to decline the offer.

Did you get another offer?
Facing a similar situation here: dropped price by 10k (pre-empting the closing cost askings), and yet….

[Anonymous]

Anonymous wrote:

Anonymous wrote:Hi,

I’m selling a house in MD. The last offer I got, the buyer requested 3% closing costs assistance for $560,000 instead of $550,000 (We dropped the price to $550,000).

Our agent said it was a common practice because we’re in a buyer market but we decided to decline the offer.

Did you get another offer?
Facing a similar situation here: dropped price by 10k (pre-empting the closing cost askings), and yet….

No but that’s ok. We might end up renting the house, although we really wanted to avoid it.

[Anonymous]

Yes, we just purchased in DC 20017 zip code. Seller was moving oversees so that may be a factor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hi,

I’m selling a house in MD. The last offer I got, the buyer requested 3% closing costs assistance for $560,000 instead of $550,000 (We dropped the price to $550,000).

Our agent said it was a common practice because we’re in a buyer market but we decided to decline the offer.

Did you get another offer?
Facing a similar situation here: dropped price by 10k (pre-empting the closing cost askings), and yet….

No but that’s ok. We might end up renting the house, although we really wanted to avoid it.

Weird to turn down the offer then

[Anonymous]

Anonymous wrote:

Anonymous wrote:Hi,

I’m selling a house in MD. The last offer I got, the buyer requested 3% closing costs assistance for $560,000 instead of $550,000 (We dropped the price to $550,000).

Our agent said it was a common practice because we’re in a buyer market but we decided to decline the offer.

Did you get another offer?
Facing a similar situation here: dropped price by 10k (pre-empting the closing cost askings), and yet….

Isn’t the point usually that they want to put the closing costs into the mortgage?

[Anonymous]

20817 and houses still selling quickly, so no, not paying closing costs for buyers

[Anonymous]

Anonymous wrote:Hi,

I’m selling a house in MD. The last offer I got, the buyer requested 3% closing costs assistance for $560,000 instead of $550,000 (We dropped the price to $550,000).

Our agent said it was a common practice because we’re in a buyer market but we decided to decline the offer.

Um, OK. 560K minus 3% is 543.2K. So it was $6800 below your asking price. Geez, sellers are crazy.