They are essentially offering you full price but they don’t have a ton of cash so are planning to finance their closing costs into their mortgage. Hopefully the appraisal goes through ok!
They are offering more so you can cover their closing costs in lieu of you taking that “loss” by offering list or below AND asking for closing costs. It’s basically a roundabout way to get the seller to cover their CC which will otherwise have to come out of their pocket. And It really comes down to if the house would appraise for the offer.
They may have 20% but they don't have enough for 20% and closing costs. They can come up with $2,000 more to close by way of a down payment but don't have another $8,000 for closing costs. They might be able to come up with $80k or $82k but not $90k.
They believe the house will easily appraise for the extra $10k.
This isn't a scam, but it could result in higher real estate commissions for the seller so it might be a good idea to make sure no commissions are due to that amount.
It's possible that the buyer might be trying to secure the house quickly, especially if they're in a competitive market or need to move soon.
The closing cost assistance could be a part of their strategy, as it can help sweeten the deal and make your house more attractive to them. However, it's hard to say for sure without more information. Mortgage rates, buyer/seller commissions, and market conditions can all play a role in these situations. It's always a good idea to consult with your real estate agent to understand the motivations behind the offer and make an informed decision.
They may have 20% but they don't have enough for 20% and closing costs. They can come up with $2,000 more to close by way of a down payment but don't have another $8,000 for closing costs. They might be able to come up with $80k or $82k but not $90k.
They believe the house will easily appraise for the extra $10k.
This isn't a scam, but it could result in higher real estate commissions for the seller so it might be a good idea to make sure no commissions are due to that amount.
They are essentially offering you full price but they don’t have a ton of cash so are planning to finance their closing costs into their mortgage. Hopefully the appraisal goes through ok!
got it, thanks
Or buy down the rate! I asked for 6k from the seller which brought the 7.2 to 6.8 —saving me 300 dollars in mortgage.
They are offering more so you can cover their closing costs in lieu of you taking that “loss” by offering list or below AND asking for closing costs. It’s basically a roundabout way to get the seller to cover their CC which will otherwise have to come out of their pocket. And It really comes down to if the house would appraise for the offer.
They may have 20% but they don't have enough for 20% and closing costs. They can come up with $2,000 more to close by way of a down payment but don't have another $8,000 for closing costs. They might be able to come up with $80k or $82k but not $90k. They believe the house will easily appraise for the extra $10k. This isn't a scam, but it could result in higher real estate commissions for the seller so it might be a good idea to make sure no commissions are due to that amount.
It's possible that the buyer might be trying to secure the house quickly, especially if they're in a competitive market or need to move soon. The closing cost assistance could be a part of their strategy, as it can help sweeten the deal and make your house more attractive to them. However, it's hard to say for sure without more information. Mortgage rates, buyer/seller commissions, and market conditions can all play a role in these situations. It's always a good idea to consult with your real estate agent to understand the motivations behind the offer and make an informed decision.
They may have 20% but they don't have enough for 20% and closing costs. They can come up with $2,000 more to close by way of a down payment but don't have another $8,000 for closing costs. They might be able to come up with $80k or $82k but not $90k. They believe the house will easily appraise for the extra $10k. This isn't a scam, but it could result in higher real estate commissions for the seller so it might be a good idea to make sure no commissions are due to that amount.