When I’m negotiating on the purchase of my new home, I should focus simply on buying the home as cheaply as possible and disregard any offers of concessions  for financing by the seller of the property.

Closing Costs are a significant portion of  the cash which is required for you to purchase the property.  Depending upon the purchase price, it is possible for costs to run as high as 2% to 5% of the purchase price.  It is important for you to be aware of the costs and determine whether you will pay fore them by writing a check or have the seller pay them as part of your agreement to purchase the property.

 

Most lenders allow the seller to pay closing costs up to a certain limitations.  In my opinion, this is the most overlooked benefit buyers have at their disposal.  You will be able to get more bang for buck if you allow the seller to pay your closing expenses.

To find out more about closings costs and loan approvals, contact us at 215-576-8666!