Jim: Here we are with Tip 5.
Tip 5 Seller Concessions — Transcripts
Amy Shair of RE/MAX United Cary Apex NC and Jim Enright of Corporate Investors. share important information on closing costs in a multiple bid situation. Amy Shair 20+ Years award-winning Re/Max Agent successfully serving clients in Wake, Durham, and Orange Counties NC. Amy is known for her “give it to you straight, no fluff” approach. 919-818-5001 || 51 Kilmayne Drive, Suite 100, Cary, NC 27511
Jim: Now I always like my clients to save as much money as possible, and one of the ways that I do this is, I say, ‘Ask your agent to have the seller pay all closing costs, and if they can pay $3 – $5000 dollars, that is heavenly in this market.
But Amy, is there something else to that?
Amy: I’m trying not to strangle you when you’re saying that because we’re sitting here in a market where we have a lot more buyers than we have sellers. And so when there are multiple bids or the house is getting offered on, within the first few days on the market, sellers are not very tolerant of paying closing costs. So in some circumstances, we can increase the price over the list price and have the sellers pay the closing cost and kind of include it in the mortgage that way.
But that’s not always an option, so please keep in mind when you’re telling people that. I’m sorry, but please keep in mind when you’re telling people that, that it’s situational. Sometimes that works and sometimes it doesn’t. I just don’t want to see folks losing a house over the closing costs when there are other ways to deal with that.
Jim: That is exactly right. The house is the first thing and if the seller can pay 3-5 thousand, fine, but if you want the house more, go for the house without requesting selling, ah closing cost, and there are other ways to work that out that will help reduce your out-of-pocket expenses.
Amy: When you have a good agent like me,
Jim: And a good negotiator like Amy.
Amy: I’ll be able to help you determine whether you can ask for it, how much you can ask for, kind of what the tolerance level will be at that seller to work closing cost into that sale.
Jim: Perfect, and so I will always say, ask for them, but I will also say, defer to Amy, defer to your agent because they know the market in the situation much better than I do.
Amy: Stay tuned for our next tip.
Real Estate or Mortgage Questions? Contact Amy Shair of RE/MAX United Cary Apex NC, and Jim Enright of Corporate Investors with any of your real estate or mortgage questions in today’s changing real estate and mortgage marketplace.