How To Get Seller To Pay Closing Costs

By: Rob Adams - Staff Writer
Published: Apr 6, 2021

How To Get Seller To Pay Closing Costs. How to get a home seller to pay for all closing costs is easier than you think. Real estate is a buyer’s market, but the home owner might owe more than it’s worth.

Some aspects of real estate become very routine to real estate agents, who deal with the same issues over and over. However, these same issues are sometimes new to buyers and sellers - and not immediately understood. This situation came up recently between a buyer and seller.

A home was listed for sale at $210,000. The excited buyer made an offer to buy the home at $203,000, asking the seller to pay all of their closing costs.

The seller scratched his head. How much are closing costs, anyway?

Closing costs can vary widely, mostly dependent upon the cost of the mortgage loan. The “smart” thing for the seller to do is make a counter-offer and place a limit on the amount of closing costs he will pay on behalf of the buyer. Otherwise, how can the seller anticipate how much he will “net” from the sale of his home?

In this case, the seller countered with a price of $208,000, agreeing to pay $5000 of the buyer’s closing costs.

This time the buyer scratched his head.

“That’s no deal,” he complained to his Realtor. “The seller just took my offer and added in the closing costs.” .

The buyer figured he wasn’t getting anything “free” at all. By adding the closing costs to the purchase price, most of those costs would be a part of the loan. Instead of getting his closing costs paid for free, he would be paying them over the life of the mortgage loan.


Business NewsBusiness News Stay ConnectedStay Connected

Add our Facebook page to receive updates and participate in new tools and features.Add our Facebook page to receive updates and participate in new tools and features. It's a great way to stay connected with all the latest news.

Receive daily bite-sized updates by following us at Twitter.Receive daily bite-sized updates by following us on Twitter. Receive Tweet-sized 140-character updates on your mobile phone device or PC.

Subscribe to our daily RSS feed to get the latest national news stories.Subscribe to our daily RSS feed to get the latest national news stories. We offer a feed for every topic including business, entertainment, health, politics, science & technology, travel and more.