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  1. #1

    Join Date
    August 22, 2001
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    10,140

    Home buying. Are sellers typically paying all of the closing costs in NOVA? I have

    bought 3 times but never in a buyer's market so this is new to me. Trying to choose a realtor and one is offering to work for 2.5% commission instead of 3. But does it matter if the seller picks up the closing costs? Edumucate me lounge.

  2. #2
    hokiebob01's Avatar
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    August 01, 2001
    Location
    Mint Hill, NC
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    16,646
    If the seller is "paying" the closing costs it just means that they are hidden in the price. That means that they become part of the principle balance and you start off that much more upside down. It's a small part of what caused the mortgage crisis.
    I don't always talk to UVa Grads but when I do I always order the Large Fries.

  3. #3

    Join Date
    January 05, 2001
    Location
    Richmond, VA
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    5,180
    Seller usually pays both realtor commissions, so you shouldn't care what percentage they charge.

  4. #4

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    January 05, 2001
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    Just go with David Harbour, trust me, you won't be disappointed. Regarding the closing cost, on my sale in December, I kicked in $4K to close (buyer request), so I upped the sales price (counter offer) by $4K (and he accepted), so I was fine with it.
    Last edited by VTHokie01; Wed Jan 18 2012 at 02:35 PM.
    "Don't believe everything you read on the internet." - [I]Abraham Lincoln[/I]

  5. #5

    Join Date
    January 01, 2005
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    12,668
    Quote Originally Posted by retire #14 View Post
    bought 3 times but never in a buyer's market so this is new to me. Trying to choose a realtor and one is offering to work for 2.5% commission instead of 3. But does it matter if the seller picks up the closing costs? Edumucate me lounge.
    Sellers are paying closing costs as an enticement. The rationale is that it reduces the amount of cash required by the buyer at closing (many can't afford or don't want to roll them into thier loan). It helps a cash-strapped buyer.

    When we sold ours 2 years ago we paid some towards closing because they didn't have the cash. However, we kept the price up by that amount so our total return was unchanged. The buyer didn't mind because they could get the financing, just not the cash.

  6. #6
    reestuart's Avatar
    Join Date
    October 07, 1999
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    roanoke, va
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    59,992
    Next time I buy/sell a house, I'm not going to go for that seller pays closing cost item. Seems as much of a scam to keep the realtor from getting a lesser commission as anything else.
    "Knowledge is good"

    --Emil Faber, 1904

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