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I agreed to pay closing costs but didn't stipulate which ones. Do I have to pay for escrow payments, home inspections, home warranties? I'm willing to pay general closing costs ie prorated taxes, title ins, etc. HELP I'm running out of negotiating time! Thanks!
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Posted: Sep 27, 2008 at 3:02 PM
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Most of the time you'll be paying for all the above at the closing table. Normally, inspectors won't wait until then, but the other items could be paid for.
Technically, the actual closing costs are defined as those cost that are associated with CREATION of the loan.
Bottom line is not to get caught up in that stuff. Work off your "NET" number. If you're giving up $500 on your price, it doesn't make a difference whether they use that for insurance or a home warranty, right?!
Nov 7, 2008 at 2:34 PM
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Paying a buyer's closing costs can help get your home sold, but always negotiate a fixed limit in your sales contract. A buyer needs cash for a down payment, appraisals, inspections, moving costs and may want additional cash for repairs or improvements soon after closing. Seller paid closing costs can make a deal more attractive to buyers and allow more buyers the funds to purchase your home resulting in a quicker sale. Lenders do not want closing costs or other incentives added to the sale price, so be sure to avoid the appearance of tacking seller concessions on top.
Oct 20, 2008 at 6:52 PM
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Closing costs usually include escrow fees and title. They do not include inspections or warranties.
I would check around and ask what average closing costs are in your community based on sales price. Compare.
Oct 1, 2008 at 2:36 AM
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Nothing will force you to pay anything, other than your own motivation to sell the home. I would not advise one of my clients to pay for inspections, as those are costs you could bear before the buyer is committed to purchasing. The same would be true of the appraisal.
Costs related to selling, like title fees, taxes, are all negotiable, and something that each seller needs to decide for themselves if those costs are worth keeping the buyer in the deal. In Arizona, a home warranty is very often paid for by the seller. Probably in excess of 90% of the time.
Sep 29, 2008 at 1:31 PM
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