Can I Get a Seller to Pay My Closing Costs? | Credit.com
Closing costs are one of the most confusing and misunderstood parts of the homebuying journey. About a third of prospective buyers feel “not very” or “not at all” aware of them, according to a recent survey from real estate data and technology firm ClosingCorp.
That can be a problem for buyers who jump into the homebuying process without budgeting for these costs and fees, which can total 2% to 5% of the purchase price or more. The good news is you may not have to spend a dime.
You can ask the home’s seller to cover some or all of your closing costs. Every transaction is different, and so much depends on the market you’re in, the type of financing you’re using and the specific property (and its owner).
But if you’re looking to pay less out of pocket, here are a few things you need to know about getting a seller to pay your closing costs.