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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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I'm watching House Hunters on HGTV
(one of my favorite show )
And I noticed a lot of buyers ask for the sellers to pay closing cost when they put in their offer. Almost everytime, the seller agrees to this.
Is this normal in other states?
Because nobody I know here in NY has ever been this lucky.
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Posted 7/21/09 8:57 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: I'm watching House Hunters on HGTV
sellers concession is the same thing, isn't it? but, i think it is very common outside NY...
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| Posted 7/21/09 9:03 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: I'm watching House Hunters on HGTV
Love that show!!!!!
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| Posted 7/21/09 9:33 PM |
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katiebell
Hoping, wishing, waiting....
Member since 8/06 1418 total posts
Name:
K
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Re: I'm watching House Hunters on HGTV
we bought in VA two years ago and the sellers paid all of our closing cost, I think we only ended up paying about 300 dollars at closing.
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| Posted 7/21/09 9:42 PM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: I'm watching House Hunters on HGTV
I bought in VA in January and got all $8k of my closing paid by the sellers.
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| Posted 7/21/09 9:49 PM |
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mrsdukes
LIF Adult
Member since 1/09 943 total posts
Name:
Liz
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Re: I'm watching House Hunters on HGTV
I always notice that, too. I think it is becoming more common now. I know my son just bought in Virginia in March and the sellers paid all of their closing costs.
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| Posted 7/21/09 10:06 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: I'm watching House Hunters on HGTV
We asked for 3% for closing costs and the bank agreed (we bought a foreclosure)... we bought in FL and it's pretty common down here from what i've seen/heard.
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| Posted 7/21/09 10:38 PM |
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ddunne2
LIF Adult
Member since 7/05 4189 total posts
Name:
Doreen
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Re: I'm watching House Hunters on HGTV
I live in OH and it is very common here....all it really does is lower the sales price for the seller so you don't have to come up with all the cash at closing. Most sellers will do this if they are still getting their target sales price.
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| Posted 7/21/09 10:51 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: I'm watching House Hunters on HGTV
Are closing costs much lower outside of NY?
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| Posted 7/21/09 11:22 PM |
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Acerone
I hate ants and ugly people.
Member since 3/07 6437 total posts
Name:
Chris
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Re: I'm watching House Hunters on HGTV
Posted by Mssissy
(one of my favorite show )
And I noticed a lot of buyers ask for the sellers to pay closing cost when they put in their offer. Almost everytime, the seller agrees to this.
Is this normal in other states?
Because nobody I know here in NY has ever been this lucky.
Yes, very common in Ca... I had 3 from the first day of our open house and I went with the lowest offer because they offered to pay for all closing cost.
Message edited 7/22/2009 7:53:34 AM.
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| Posted 7/22/09 7:28 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: I'm watching House Hunters on HGTV
Interesting.
I do realize it just lowers the price of the house. I guess if the sellers are still getting the price they wanted it works out for everyone.
I did also realize that the closing cost seem much lower in other states.
Or maybe just the houses they cover on the shows.
I'll have to remember this and try it when we're ready to move.
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| Posted 7/22/09 7:48 AM |
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lbride
Lovin' my mini man!
Member since 3/07 2475 total posts
Name:
Lisa
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Re: I'm watching House Hunters on HGTV
and what happened to Suzanne Wang!!!!!
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| Posted 7/22/09 8:06 AM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: I'm watching House Hunters on HGTV
Posted by lbride
and what happened to Suzanne Wang!!!!!
I think she is still on it-I've seen her a lot.
There are a lot of rip offs now (Property Virgins, My First Home, etc), maybe you are thinking of those?
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| Posted 7/22/09 9:52 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: I'm watching House Hunters on HGTV
Posted by SpiceGirl
Are closing costs much lower outside of NY?
The price we paid for our home was MUCH lower than anything we could have bought on LI so our closing costs were also lower... a little over 3% of the purchase price. Taxes are also very low.
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| Posted 7/22/09 10:03 AM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: I'm watching House Hunters on HGTV
I know in Florida closing costs are supposed to be a lot less than here...
We are waiting to see if the bank will pay closing on the short sale we put an offer on, right now we are waiting for bank approval....our realtor said that lately she has been seeing banks pay up to 3% for closing costs - and like camacho said, in florida 3-4% pretty much covers all of the closing costs in Florida...
I *think* in NY closing costs are closer to 6% - and the home prices are higher - so closing costs on a 400k house would probably be like 25k here...at least that is what I've heard - I am not buying in NY so I don't really know for sure
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| Posted 7/22/09 10:26 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I'm watching House Hunters on HGTV
Posted by Nik211
I know in Florida closing costs are supposed to be a lot less than here...
We are waiting to see if the bank will pay closing on the short sale we put an offer on, right now we are waiting for bank approval....our realtor said that lately she has been seeing banks pay up to 3% for closing costs - and like camacho said, in florida 3-4% pretty much covers all of the closing costs in Florida...
I *think* in NY closing costs are closer to 6% - and the home prices are higher - so closing costs on a 400k house would probably be like 25k here...at least that is what I've heard - I am not buying in NY so I don't really know for sure
that makes a huge difference.
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| Posted 7/22/09 10:39 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: I'm watching House Hunters on HGTV
our seller agreed to pay our closing costs (a little over $12k in all). in fact, our mortgage guy at our credit union said we should insist on a seller consession. we bought in MD.
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| Posted 7/22/09 11:04 AM |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: I'm watching House Hunters on HGTV
We brought a house in Chicago. Our seller plaid $5K towards our closing costs and we paid about $2K.
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| Posted 7/22/09 11:24 AM |
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lbride
Lovin' my mini man!
Member since 3/07 2475 total posts
Name:
Lisa
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Re: I'm watching House Hunters on HGTV
Posted by CrankyPants
Posted by lbride
and what happened to Suzanne Wang!!!!!
I think she is still on it-I've seen her a lot.
There are a lot of rip offs now (Property Virgins, My First Home, etc), maybe you are thinking of those?
not on the newer ones. It's just a woman's voice with a southern accent.
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| Posted 7/22/09 11:30 AM |
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Re: I'm watching House Hunters on HGTV
Whyyy do i live on LI again?
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| Posted 7/22/09 11:36 AM |
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Re: I'm watching House Hunters on HGTV
I was wondering that too and then I was told it's the same thing as the sellers concession- We had the seller pay 15000 in the SC
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| Posted 7/22/09 2:37 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: I'm watching House Hunters on HGTV
For some reason, I don't think you are allowed to do this in NY.
The process seems SOOOOO much more difficult here - on these shows a lot of times they close in the R.E. Agent's office without lawyers!
I wish it was that easy for us!!!
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| Posted 7/22/09 7:02 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: I'm watching House Hunters on HGTV
Posted by lbride
Posted by CrankyPants
Posted by lbride
and what happened to Suzanne Wang!!!!!
I think she is still on it-I've seen her a lot.
There are a lot of rip offs now (Property Virgins, My First Home, etc), maybe you are thinking of those?
not on the newer ones. It's just a woman's voice with a southern accent.
Hmm, HGTV still lists her as the host on their website.
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| Posted 7/22/09 9:41 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: I'm watching House Hunters on HGTV
Posted by queensgal
For some reason, I don't think you are allowed to do this in NY.
The process seems SOOOOO much more difficult here - on these shows a lot of times they close in the R.E. Agent's office without lawyers!
I wish it was that easy for us!!!
again that is like Florida - we don't have a real estate attorney - using a real estate attorney is not a common practice down there...
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| Posted 7/23/09 9:10 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: I'm watching House Hunters on HGTV
I don't think the reason why we need so much money the day of closing is all true closing costs. I think most of it is the leftover tax that we have to pay the owner. does that make sense?
transfer tax is ~1.1%, so that does add up on LI prices
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| Posted 7/23/09 9:50 AM |
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