I am trying to sell my house that I purchased 15 months ago. My realtor is telling me that since the house is newer, the seller would cover the closing cost (AKA ME). This doesn’t sound right, am I missing something?
It’s usually depends of what is customary in each state. In most states, buyer and seller pay for their own closing costs unless the seller is offering a credit to cover them for the buyer. The house being “newer” as an excuse doesn’t make any since to me.
Sounds like your agent wants an easy sale and you paying the buyer’s fees gives them more options
Look at your closing statement from when you purchased it to see who paid the various closing costs. The same allocation between buyer and seller should apply now.
Riley said:
Look at your closing statement from when you purchased it to see who paid the various closing costs. The same allocation between buyer and seller should apply now.
This would be far too much reality for most sellers. It’s better they just ask cousin Eddie how it is supposed to work and go with that! This is the internet my friend.
depends, if/when I list my house to sell, I ain’t paying buyers closing cost unless they overpaid the crap out of my house, or I am desperate to sell.
The age of the house has no bearing on. It’s totally your choice.
Age of house has nothing to do with it. It comes down to what you both agree to. Some sellers offer money back towards closing costs. Some offer to split them. It really can depend on the market and how bad you want to sell your house.
Sellers are responsible for their closing costs, and buyers are responsible for theirs. Seller closing costs: Any commissions due, title search and/or policy, taxes until closing date, any agreed upon repairs, etc. Maybe home warranty. Buyer closing costs: Their agent’s commissions if they didn’t negotiate for you to reimburse that, title policy for lender and maybe for themselves, appraisal, flood cert, costs associated with the loan, maybe home warranty, interest rate reduction (points).
Tell the listing agent you’ll lower their compensation 1% to use that as seller concession.
Keegan said:
Tell the listing agent you’ll lower their compensation 1% to use that as seller concession.
Haha I am actually gonna send that if he gives me pushback
Keegan said:
Tell the listing agent you’ll lower their compensation 1% to use that as seller concession.
Haha I am actually gonna send that if he gives me pushback
Remember everything is negotiable, especially in real estate.
Keegan said:
Tell the listing agent you’ll lower their compensation 1% to use that as seller concession.
Can’t unilaterally change commission
Depends on the state and area but it’s all negotiable.
You have closing costs for your loan/pay off to the bank. fees/taxes to the state. these are your responsibility. the buyer will have closing costs for buying a house. loan fees/bank bullshit. misc nonsense like credit checks/appraisal et al. you’ll also have an agent fee on top of any bank/taxes type costs. in the recent past. the person selling paid both of these. as the logic was. you wanted to entice a buyer and you were making the money, so you eat that cost. this has changed. where now it’s not defined. you will still pay your agent. but you may or may not pay the buyer’s agent fee. as prices and interest rates have remained high, and the market has slowed. you’re seeing a lot more “buyer concessions” or credits given to help buyers offset some of the added costs to buyers (some of this they get from their bank… lender credit/closing cost credits) some the seller offers to entice buyers. if you’re selling a house it’s on you to educate yourself. and if your realtor is unable or unwilling to explain these things in an impartial manner. you have a shitty agent. but if you’re thinking you selling a house means you just keep all the money from the sale. you’re wildly mistaken. generally speaking 2% ish for the bank shit. 2.5 to as high as 6 for agent fees on top of that. both based on the sale price of the home.
This is very common in some areas, I’m sure your Realtor has good idea of what the market is like in your area…didn’t you hire them because they are the professional?
Winslow said:
This is very common in some areas, I’m sure your Realtor has good idea of what the market is like in your area…didn’t you hire them because they are the professional?
Someone you hire can be great when you interview them but a whole lot different once that contract is signed 
You don’t have to cover the closing costs
Primary closing costs are the buyer’s and normally they pay them. Sounds like the agent is trying to get seller to pay them to get the deal to go through. I would give a big fat no to paying the buyer’s closing costs.