Negotiating with your seller for paying the closing cost
It is not very common for a buyer to request a seller for closing credit. This seems very odd, as sellers may feel that buyers are running short of money for purchasing a house. In case the buyer is not having enough money for purchasing house at Sobha international city then why should the seller even deal with him. In some situations sellers may agree to pay the closing credit cost. If the circumstances are right then the sellers may also agree to make this payment on behalf of the buyer.
Right money buyers may need for settlement of closing credit
In general, buyers may have to pay around 3 percent of the price of purchase as closing cost. This amount may vary depending on a number of other factors. In case the buyer has to pay lesser amount then this math’s may not work for the seller.
According to calculations, if the price of the home is around 300,000 then the closing cost would be around 9000. It is advisable for seller not to pay more amount. There may also be chances that the closing cost could be much less as compared to 9000. If this is the case, then a little amount of unused credit will be left.
Interest rats can always be purchased at much lower price as buyers may request to pay less than 3 percent of the price value. Buyers may also request sellers only to provide with the money they are running short of for closing cost.
Which buyers may request for closing credit cost?
In general, if you are first time buyer, then you can request for this cost from the seller. When purchasing the home loan for Sobha International City Property, a buyer might have approached private loan company. Few home loans may also request seller’s credit. In this case buyers may have to provide with increases interest rate. This will offer buyer the convenience for getting upfront payment to purchase the home.
There may be chances that buyer may not be having enough funds to invest in the home in his bank account. It mostly depends on the seller if he is willing to agree or not.
How to ask seller for cost credit on closing amount?
One of the most effective ways is to try and offer with much higher sales price. This will help buyer get some additional funds in his bank account for making the payments. So if you need more than 3 percent for credit closing cost then you can add that amount in the sales price of the house and present to the authority.
This in general is not much effective if the purchase contract does not have any stated provision. The buyers lender would simply not agree to make higher payment to the seller account.
Trade off offering
The fact is if sellers get the desired money for the house, then they will be willing to make the closing cost payment on behalf of the buyer. On legal grounds it would be advisable to collect information from approved dlf Magnolias Gurgaon agent.