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PennyCat
Just call me mommy :)
Member since 7/08 19084 total posts
Name:
Jib
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question about closing costs
Is it true that negotiating that the homeowner pay your closing costs (while making offers on the price) is something that's NOT done in NY?
My agent told me this and I was like...  I thought that was common!
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Posted 11/25/09 6:10 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: question about closing costs
It's really not common in NY, unfortunately...too much Sandra on HGTV?
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| Posted 11/25/09 6:31 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: question about closing costs
It can be done in NY, it is just not common practice on LI. My co-worker got his closing costs covered.
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| Posted 11/25/09 6:31 AM |
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HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
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Re: question about closing costs
I think the way around it in NY is to build in a sellers concession...in that way you can take out a larger mortgage to cover some of the closing costs.
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| Posted 11/25/09 8:32 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: question about closing costs
Posted by HotAir
I think the way around it in NY is to build in a sellers concession...in that way you can take out a larger mortgage to cover some of the closing costs.
Yup, that is what we did.
I see that all the time on HGTV (sellers covering closing costs) and it makes no sense to me. 
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| Posted 11/25/09 8:49 AM |
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HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
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Re: question about closing costs
I wish they would cover the closing costs! I can't believe how much they are! I got an updated goof faith estimate yesterday because we are closing next week....it's over 20,000 in closing costs. Gosh!
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| Posted 11/25/09 8:59 AM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: question about closing costs
Posted by HotAir
I think the way around it in NY is to build in a sellers concession...in that way you can take out a larger mortgage to cover some of the closing costs.
This is the truth! However if you can afford to pay them outright its better to do it that way and take out a smaller loan...then you're paying interest on the extra "X" for 30 years...
I always say take what you think closing costs will be, add 5k and thats what they usually are....ours were like $17K!!!!!!!!!!
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| Posted 11/25/09 9:09 AM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: question about closing costs
Posted by TheDivaBrideandTeddyFrog
It's really not common in NY, unfortunately...too much Sandra on HGTV?
yes, we were under this impression too bc of her!  silly, silly stuff!
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| Posted 11/25/09 10:08 AM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: question about closing costs
Posted by HotAir
I wish they would cover the closing costs! I can't believe how much they are! I got an updated goof faith estimate yesterday because we are closing next week....it's over 20,000 in closing costs. Gosh!
oh god... and im conplaining about our meesly 8k... which should now have dropped to 6k bc of our rate adjustment where entitles us to $$ back... go figure... long story, dont ask
Message edited 11/25/2009 10:10:11 AM.
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| Posted 11/25/09 10:09 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: question about closing costs
We negotiated the price of the house to include the closing costs so we basically paid less for the house but still took out a mortgage to cover the closing costs.
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| Posted 11/25/09 11:43 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: question about closing costs
It's not common here because while people think the Long Island market is so bad, it's way hotter than most other markets.
Slower markets need things like paid closing costs to attract buyers.
Also in most other markets where seller paid closing costs are the norm, the average price of a house is also way less. Seller paid closing costs can really help a buyer who doesn't have a lot of money to put down, be able to find a way to pony up that down payment.
In Long Island if you don't have enough cash to pay for closing costs, you probably can't afford the house in the first place.
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| Posted 11/25/09 1:26 PM |
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8ternity
<3
Member since 11/08 10586 total posts
Name:
Formally NYPD-Wife
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Re: question about closing costs
Posted by TheDivaBrideandTeddyFrog
It's really not common in NY, unfortunately...too much Sandra on HGTV?
yea I tried doing this and the sellers were like hell no!
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| Posted 11/25/09 11:23 PM |
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PennyCat
Just call me mommy :)
Member since 7/08 19084 total posts
Name:
Jib
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Re: question about closing costs
Thank you everyone!  And yes, HGTV is VERY misleading!!!
We ended up negotiating a price but didn't mention the closing costs at all... I think we will settle on a price by the end of the weekend! 
 I just want it all to work out!!! 
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| Posted 11/27/09 2:06 AM |
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