Asking Seller’s to Pay For Interest Rate Buy Down

[Christin Nguyen]

Hey everyone,

So I am recently under contract for a property that I negotiated from 180k to 175k with 2.5k seller’s credit. I had an inspection contingency where I wanted an inspection but would ask for no repairs.

Pass forward to after the inspection, and I find out that it’s pretty clear. No structural issues or hazards with the property but still definitely some things to fix like grounding wires, rubber roofing, etc. Can I still go back to the seller and ask for some additional help in sellers credit for those repairs to do myself?

Or, could I ask the sellers for help with covering my buy down interest rate? I am locked in at 5.75% in which I needed to do a 1.5% buy down rate (2.1k). How could I respectfully ask to see if they can either credit me more for repairs or credit me for the buy down rate? Is that something I can even still ask now?

I definitely will appreciate all types of feedback. Thanks!

[Bryan F.]

Quote from @Carlos Ptriawan:

Quote from @Christin Nguyen:

Hey everyone,

So I am recently under contract for a property that I negotiated from 180k to 175k with 2.5k seller’s credit. I had an inspection contingency where I wanted an inspection but would ask for no repairs.

Pass forward to after the inspection, and I find out that it’s pretty clear. No structural issues or hazards with the property but still definitely some things to fix like grounding wires, rubber roofing, etc. Can I still go back to the seller and ask for some additional help in sellers credit for those repairs to do myself?

Or, could I ask the sellers for help with covering my buy down interest rate? I am locked in at 5.75% in which I needed to do a 1.5% buy down rate (2.1k). How could I respectfully ask to see if they can either credit me more for repairs or credit me for the buy down rate? Is that something I can even still ask now?

I definitely will appreciate all types of feedback. Thanks!

Make sure before you contacting the lender that offer you a mortgage buydown, you call all CU that has a special ARM mortgage rate.

If you are planning owner occupy for a while and can refi with another owner occupied loan down the line, a 5/7/10 ARM at whichever one offers the lowest rate might be the way to go, and save the 2.1k for cosmetic repairs that will boost your rent prices. I’d personally rather have the cash on hand to try and increase my income over locking in a rate I have to pay for just as they are starting to fall a bit.