Bloomington, IN · Member since 2017 · 9 posts · 5 votes
Hi my dear BP community, I am new to REI and going to purchase a turnkey. I want to ask if the seller usually pay part of the closing cost. My current contract asks the buyer to pay all closing cost, but my lender mentioned a lot of time seller will pay half of the closing cost. I am new to REI and this will be my first REI purchase. Your feedback is greatly appreciated. Thank you!
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
9y
@Alice Ouyang Alice typically the buyer pays their customary closing cost and so does the seller pay theirs. Now with that being said you can negotiate in the sales price that the seller will pay for a certain percentage of your closing costs. Your lender will have limitations on how much they can pay for you. Your lender will help you there.
Hi my dear BP community, I am new to REI and going to purchase a turnkey. I want to ask if the seller usually pay part of the closing cost. My current contract asks the buyer to pay all closing cost, but my lender mentioned a lot of time seller will pay half of the closing cost. I am new to REI and this will be my first REI purchase. Your feedback is greatly appreciated. Thank you!
It really just depends on the provider. I have seen it many different ways. All just depends. Try negotiating?
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
9y
Hey Alice. I work with a lot of [good[ turnkey providers and I've never known any of them to help towards closing costs, or negotiate on price. They have too much demand to need to do that. The only time I've seen them budge is if they are meeting a buyer in the middle on a low appraisal.
San Diego, CA · Member since 2016 · 44 posts · 31 votes
9y
some turnkeys do have some negotiating room and others don't. You may also be able to get a larger discount by buying multiple properties at the same time. Doesn't hurt to ask!
Hi my dear BP community, I am new to REI and going to purchase a turnkey. I want to ask if the seller usually pay part of the closing cost. My current contract asks the buyer to pay all closing cost, but my lender mentioned a lot of time seller will pay half of the closing cost. I am new to REI and this will be my first REI purchase. Your feedback is greatly appreciated. Thank you!
Generally buyers have closing costs as well as sellers. Each typically pays their own or if a loan is being used the seller pays up to 3% of the purchase price towards the buyers closing costs. I almost never see a buyer paying the sellers costs.