First of all, why are buyers asking for this? Usually, it’s because they don’t have the money. I know, it doesn’t seem fair to ask you to cover it for them, but it actually works out in your favor. Really. This is because when you agree to pay closing costs, you also increase your home’s price by the exact same amount. Closing costs may be the only thing keeping someone from buying your house, so if you can help them out in this way, everyone wins — they get a new home AND you get the price you want. This works because buyers can borrow money from their loan to pay the increased price, but they can’t borrow the money for the closing costs. However, there’s one instance where this strategy isn’t possible: if your home is appraised for less than the increased price, banks won’t lend the buyers that money, and the deal goes out the window. Should this happen, you might have to do some more negotiating with these buyers, or it may be time for both of you to move on.
OPTION 6: CHANGE YOUR MIND
This is an option for when you feel like the other side’s trying to take advantage of you: tell them you’re taking your home off the market. If they truly want the home, they’ll probably change their tune real quick. They’ll start trying to convince you why you should still sell to them. They also might up their offer! Negotiations can be stressful and confusing, and this is another place I can help. I’m highly skilled in this area and know which tactic is best to use with which buyers. While it’s certainly nerve- wracking to sit and wait for the other side’s response, not having to be involved in the direct negotiations can definitely take some of the strain out of this important part of the process!
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