Home, Land, Property Buying and Selling - Negotiate Agent About Closing Cost
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jennychangf8
02-18-09, 09:09 PM
Hi,
I am wondering when is a good time to engotiate with my RE agent to have her pay for part of my closing cost? Should i do it when I am putting in the offer, or must i do it the very first time i met her?
thank you.
I am wondering when is a good time to engotiate with my RE agent to have her pay for part of my closing cost? Should i do it when I am putting in the offer, or must i do it the very first time i met her?
thank you.
the_tow_guy
02-18-09, 09:22 PM
Just a layman's opinion, but I wouldn't do it up front. In my mind it would put the agent in the position of knowing before they even started hunting you some property that you were expecting concessions. If I was the agent and a prospective client brought that up the first time we met I would show them the door, but that's just me, a non-realtor.
And generally what you would be asking would be for the seller to pay some of the closing costs rather than the agent reducing their commission (although that's certainly negotiable and is something you would need to bring up at the start).
I'm not sure how desperate the agents are in your area; around here sales have been in the toilet for over a year.
And generally what you would be asking would be for the seller to pay some of the closing costs rather than the agent reducing their commission (although that's certainly negotiable and is something you would need to bring up at the start).
I'm not sure how desperate the agents are in your area; around here sales have been in the toilet for over a year.
Ktuck
02-22-09, 07:45 AM
Stay focused on the bigger picture. Be sure you're buying a home that you'll love forever (the days of "casually dating" a starter property are probably over) and be sure you're paying the amount the property is worth to you - which might be different than what it's worth compared to other recent sales. Compare the total cost of ownership with the total cost of renting a similar property. Sometimes renting is the better financial decision.
If you simply don't have the cash to cover closing costs, you should tell your agent and the seller immediately. Blindsiding the agent and the seller when you're half way through the deal will destroy your credibility and weaken your overall negotiating position. If you expect the agent to pay closing costs, make it clear from the very beginning or risk having a very upset agent. An upset agent isn't going to take good care of you.
If you are thinking of closing costs as just one more item to be negotiated, throw it into an offer or counter-offer whenever it seems appropriate. There will certainly be more important items to negotiate, and you don't want to blow a great deal just because you're fixated on one small aspect of a complicated transaction.
If you simply don't have the cash to cover closing costs, you should tell your agent and the seller immediately. Blindsiding the agent and the seller when you're half way through the deal will destroy your credibility and weaken your overall negotiating position. If you expect the agent to pay closing costs, make it clear from the very beginning or risk having a very upset agent. An upset agent isn't going to take good care of you.
If you are thinking of closing costs as just one more item to be negotiated, throw it into an offer or counter-offer whenever it seems appropriate. There will certainly be more important items to negotiate, and you don't want to blow a great deal just because you're fixated on one small aspect of a complicated transaction.