Would like to know if it's realistic to ask for 3% closing costs when selling my home?

Question

I live in a military town, the housing markets are not being as drastically effected in military towns as it is in the rest of the country. I am wondering if asking 3% towards closing costs is unreasonable and also, what is customary. This is our first time selling. We realize that there are some fees that are due by us, but when presented with a proceeds estimate, we were floored at the sales expenses.

Answer 1

No.  There is no way, no how that you are going to get a buyer to pay seller's closing costs.  If anything, a prospective buyer is going to ask you to pay their closing costs.  

If you think you really need that cash to make it happen, then  your sales price better have that money built in, because no buyer is going to agree to give a seller an extra 3% for closing costs.  No buyer.

good luck!

Answer 2

The selling fees are always shocking.  Looking back, you should have rented for 2 years.  But it's fun to own.  Buyers who need 3% help are the weakest buyers.  I would prefer to only deal with "strong" buyers.  The problem is that the strong buyers are the toughest bargainers.  I still prefer them.

Answer 3

What are the closing costs you're referring to?  Are they title insurance, taxes and such?  Most times, closing costs are shared but buyers are likely to ask for seller assistance in paying.  Do you have equity in your home?

Answer 4

Closing costs are set by the escrow, title, bank / lenders and everyone else that needs to be paid for one reason or another.

Seller's and buyers general agree to the"who pays what" at time of offer and counter offer.

The banks limit the fees paid by the seller depending on the deal.  I dought if a buyer would agree to pay any of the typical sellers fees.

Answer 5

In the current market, it would be very unlikely for the seller to convince the buyer to pay the closing costs.  Fees are extensive, and the state where you live makes a difference too.  What are the closing costs?  Sellers generally have a lot less than buyers do.  Are you consider the commission for the real estate broker as a closing cost?  Are you paying for a survey?  Any title insurance?  Other than taxes and possibly those things, maybe some taxes and/or insurance not covered by your escrow accounts, I don't know what you'd be paying.

Answer 6

Closing cost are assigned to the buyer no the seller, heck I am a buyer and just asked for 6% seller pay closing, they accepted

Answer 7

The mortgage company generally sets closing costs.  It will be tough to ask the buyer to pay any of them in this tight market. Most sellers end up paying them out of their profits to sweeten the deal for the buyer.