It's totally OK! Generally when buying a house, it is something that is negotiated between seller and buyer, usually via the Realtors involved. But when buying a foreclosure or a short sale property, the bank (seller's) comes in and determines how much they will gift you (the buyer) for closing costs, almost always they approve no more than 3% of the purchase price to be gifted to the buyer's closing costs. This is generally how it goes!
It always helps to speak to the Realtor you're dealing with, attorney and/or mortgage banker. Helps to go through these details with the Real Estate professionals you're working with.

Should you need a mortgage banker, I'm always availabe!

Javier Meneses
Sterling National Bank
jmeneses@snb.com
631-659-2011

Good question and almost everyone in my area asks for some help with closing cost. The new trend we are seeing is using the closing cost to go towards prepaid PMI, this lowers your monthly loan payment and is usually worth it even if you have to pre pay a portion of it or raise the offer price to compensate for the funding. Ask your loan officer for details about this type of product to see if it would work well for you.

Absolutely, though you should check with your mortgage lender to get the maximum amount the Seller will be permitted to contribute.

Secondly you need to understand there is no free lunch. Every Seller has a true bottom line thier willing to accept; let's say you're making an offer on a home listed at $225,000 and the seller's tru bottom line is $212,000 and you want $6000 in seller paid closing costs. The contract is going to end up being written at $218,000

Speak to your Realtor in advance about what you want/need in the way of seller paid closing costs, they'll understand and know what they need to do. It's a common situation particularly with first time home buyers.

Good luck and happy house hunting.

Everything is negotiable! (at least in the real estate business) Consult with your buyer's agent /broker about presenting your offer to the listing agent and if acceptable to the seller (in writing), have your attorney iron out the details with the seller's attorney at contract.
Jolie Muss
Licensed Real Estate Broker & Brokerage
"The Upper West Side's Buyer Broker"
Columbus Avenue, New York, NY 10023
Office: 212 721-3301 Email: joliemuss@joliemuss.com
Website: http://joliemuss.com
Twitter: http://www.twitter.com/jojomuss

Yes you may ask for seller concession ,then if seller agree you can get closing cost from your mortgage company.

Yes your agent can negotiate closing costs with your offer; however keep in mind that the property needs to appraise at the higher number....

Dear Cary:

Yes, you can always ask, the worst thing that can happen is that the seller will refuse to do so. The only reasons why a seller may refuse to do so would be if a) the amount you are offering is not enough for them or b) they are concerned about the house appraising for the sales price (below I will explain why this is a concern).

Basically what you would be asking for is referred to as a "seller's concession." When this is done the seller gives the buyer back money at the closing (up to 6% if you are qualified). The buyer cannot take this money home with them, it is used at the closing table to pay the closing costs.

The seller's concession is helpful to buyers who are low on capital and only have enough money for the down payment. Ultimately a seller's concession is a means by which a buyer can finances the majority of their closing costs. The reason why a home seller may shy away from the seller's concession idea is because of bank appraisal concerns. Anytime a buyer goes for a mortgage, the bank sends an appraiser into the house to make sure the home is worth the price the purchaser is paying. If the appraised value comes in short of the sales price, the bank will deny the mortgage. Hence the seller may worry that this could become a problem due to the inflated sales price which add no monetary value to the seller.

If you give a good enough offer, the sellers usually WILL give the concession and take the risk. It never hurts to ask, especially if you need it to be able to buy the home in the first place. If you do not absolutely need the seller's concession, it would be better for you not to do it because in the end you will be borrowing less and saving money on a monthly basis.

If you want to discuss this further or have additional questions, feel free to call me any time. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com

All of the purchase loans I have closed in the last few years have contained some type of seller concession, lower price or paying closing costs. The lower your offer compared to the list price the less likely the seller will pay closing cost. Good luck,

I'd draw the line at asking someone else to pay MY attorney. How can you be sure he represents YOU faithfully if someone else is paying him?

Hi Cary,

I would ask for this if I was purchasing a home. I would check with my lender to see how much they will allow so you don't ask for something they can't get. Obviously, you should expect to pay more for the home and need to remember the home must appraise for the higher purchase price. At the end of the day the seller still nets the same amount so they usually are willing to agree to pay the closing. I would much rather finance closing costs than have to pay them out of pocket at closing. Every $1,000 you borrow will costs about $5.00 a month, so if you finance closing costs of $4,000 your cost will be about $20 per month.

Good Luck,
Brent

As we are still in the tail end of buyers market closing costs are almost expected. As the market shifts to a sellers market closing costs will be harder to get. http://www.grapevinereferrals.com

Absolutely Cary, and it is done quite often in my locale of Pennsylvania. FHA still allows 6% seller assist, and any special financing programs in your area may also offer some type of financial assistance. Most buyers have the income have decent jobs and credit but lack the funds to invest in Real Estate.

Better to own then rent Cary. If you need the assistance, just have your representative write it into your agreement. Like I said if it is explained to the owner correctly, no reason for them not to accept seller assist. What's the difference if you assist a buyer or take less from your sales-price from a buyer, right?

Best of luck,

Rob

Of course. You can ask for anything you want, right?

Most Sellers are willing to provide some concessions to the Buyer based off of the contract as whole. So, the Sellers are looking at contingencies, closing date, sale price and qualification of the Buyer to make an informed decision as to agree/disagree to additional concessions like closing costs. Of course, all markets differ in the amount of closing costs required by the lender and whether or not it can be expected to be paid via the Sellers.

Kind regards,

-Mike