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Buying a Home in Mentor, Ohio ? Ask the Seller to Pay your Closing Costs.

So often when I am talking to young buyers, one of their primary complaints is that they think they don't have enough money to buy a home.  They have all heard the stories about how loans are harder to get, that down payment requirements have increased, and lots of other scary stuff.

This is where my past experience as a Realtor can be extremely helpful...  both to first time buyers, and to just about anyone who is buying a home in today's market.

If you can come up with about 3.5% of the selling price for a down payment, that SHOULD be just about all the money you will need to buy your new home, and get you moved in.

Why so little ?  Well, sure, you will need closing costs... and closing costs generally run another three to four percent of the purchase price.  But, instead of having that problem DOUBLE the amount of money you need... asking the Seller to PAY your closing costs instead of making a "price offer" can take care of that.

If you would like to purchase a home, and take advantage of some of the great prices on homes currently for sale, and ALSO take advantage of interest rates that are LOWER than most folks can even remember... when we write your offer, we can ask the Seller to pay your closing costs... and then, start packing !

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Carolyn Kolba, Mentor and Lake County, Ohio Real Estate Expert, can be reached at (440) 567-7211.  Call Carolyn today, and ask her how YOU can buy a home, and have the Seller pay your closing costs !

Comment balloon 16 commentsCarolyn Kolba • July 25 2010 12:25PM

Comments

This really is a great option for many home buyers! It never hurts to ask! You may be surprised what you get! Too many homes here in San Diego unfortunately are short sales and more times than not when asking for closing costs to be paid, sadly, it is out of the question!

Posted by Stephanie Reynolds, East County San Diego Homes 619-838-4408 (Integrity First Financial Group, Inc. ) over 7 years ago

Stephanie, first of all, thank you so much for commenting.  What you are experiencing is often a major problem for buyers choosing to go the short-sale route.  Sure, the price may be lower, but if they cannot get closing costs help from the seller... which they cannot in short sales... their ability to purchase is greatly diminished.

The price on a short sale... is pretty much IT.  No closing costs, no repairs, no decorating allowances... nuttin' honey.  At least, this is one way our "normal" sellers can have an advantage over short-sale sellers.

Have a great week !

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) over 7 years ago

Some young folks ...alright even the older ones sometimes aren't very open about their finances. Which we need to know since they would be buying a home. If they would were just open and ask perhaps life would be easier on both ends.

Posted by Will Nesbitt, Nesbitt Realty is a family-run brokerage. (Nesbitt Realty at Condo Alexandria) over 7 years ago

Will, I don't know why this is, but I have never had any trouble whatsoever in getting folks, both first time buyers and older folks, to open up about their personal finances. 

Maybe it's just the motherly touch, but since they DO open up, I am much more easily able to help them with problems concerning their finances, their credit problems, and the amount of money they have available to them for their down payment, their closing costs and/or their prepaids.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) over 7 years ago

Hi Carolyn,
What a wonderful way to solve a problem so many first time buyers are concerned about.  It would be a shame for a buyer to loose out on the lowest interest rates in 50 years and the first opportunity in years to be able to buy for less than you rent because they are worried about something that is so easily solveable!  I noticed all of your certifications and designations ~ very impressive!
Maya

Posted by Maya Thomas LLC, Broker, Key West FL Historic Old Town Estates, Bungalows (Key West, Key Haven, Geiger, Sugarloaf, Cudjoe, Summerland) over 7 years ago

Maya, I have tried to make sure that the designations that I have received are the ones that are most meaningful.  So many of these designations that many Realtors have came from attending a seminar... anywhere from a half day to a few days, then pay a yearly fee, and there it is... an instant designation.

Anywho... back to paying closing costs... it is much better to enable a buyer to buy rather than have a seller reduce their price by five thousand dollars and lower their payments forty dollars.  Thanks so much for your comment... and have a great week.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) over 7 years ago

A great way to solve problems...

Have a great day Carolyn!

Thank you!

Posted by Joshua Zargari, MJ Decorators Workshop (MJ Decorators Workshop LI staging and home decorating) over 7 years ago

More real estate agents should be using this strategy instead of trying to get a lower price.

Posted by Bill Travis, Broker/Owner (Captain Bill Realty, LLC) over 7 years ago

Joshua, it is a wonderful way to solve what probably is the biggest reason that buyers are not in the market today... not having enough money for both down payment and closing costs.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) over 7 years ago

Bill, asking the seller for a lower price can accomplish so little, as far as lowering the buyer's monthly payment, but it can make a huge difference in the buyer being able to buy a home, or just sit on the sidelines.

Posted by Carolyn Kolba, Keller Williams Realty- Mentor, Ohio (Serving Mentor, and all of Lake County, Ohio) over 7 years ago

EXCELLENT advice!  It would be such a shame for a buyer to miss out on interest rates below 5% and purchase prices that make buying cheaper than renting.

Posted by Maya Thomas LLC, Broker, Key West FL Historic Old Town Estates, Bungalows (Key West, Key Haven, Geiger, Sugarloaf, Cudjoe, Summerland) over 7 years ago

Carolyn, great advice indeed and helps solves a problem for the first time buyers.

Posted by Rebecca Gaujot, Lewisburg WV, the go to agent for all real estate (Perry Wellington Realty, Adam Conrad, Broker) over 7 years ago

Carolyn ~ that is often done here in the Denver area.  It can really help out the first time home buyer that can qualify for the payments, but is cash poor.

Posted by Dawn A Fabiszak, The Dawn of a New Real Estate Experience! (Private Label Realty ( Denver metro area, Colorado) over 7 years ago

Carolyn, so often buyers believe they need to have the seller come way off their price when this solution gets everyone what they need. I explain that for sellers it is price that matters and for buyers it is cost that matters. As experienced agents, we know lots of ways to negotiate terms that make everyone happy!

Posted by SarahGray Lamm, Realtor - 100K Hours of NC Real Estate Experience (Allen Tate Realtors Chapel Hill, NC 919-819-8199 ) over 7 years ago

hey!  where are your pictures?  LOL   nice write up Carolyn!

Posted by Courtney Cooper, 206-850-8841 (Team Leader/ Investor for Brand New Keller Williams North Seattle Office) over 7 years ago

Carolyn, very few young buyers have enough for the down payment AND the closing costs.  In our market, most transactions include the seller helping with the closing costs.

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) over 7 years ago

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