One of the most asked questions of sellers in the Manchester NH area as late is "Why as a seller should i pay the buyers closing costs?". During some recent listing appointments sellers were quite insistant that they did not want to give anything to buyers as they insisted prices were already low, no one helped them whey should they help anyone and "Is it Required?" I was quite surprised to hear some sellers who met with other companies whose agents told them they should not pay buyers closing costs.
The seller is not required to pay the buyers buyers closings or credit the buyer with an money at closing however as a seller, if you want to sell your home, you need to accomodate the potential buyers and assist them in anyway you can to attract more buyers and to assit them in being able to purchase your home. There are alot of buyers who are willing to buy, just not able top buy due to the strict standards banks are using these days. When you have a buyer with good credit but low savings, by having the seller credit the buyer with up to 3% of their closing costs, they are now ABLE to buy.
As a seller you need to look at it as the cost to sell, when pricing a home you need to price it high enough to be able to credit buyers with this 3% as more than have of potential buyers will need it but not so high you are priced higher than market value. By refusing to credit buyers with closing costs, you are limiting your potential buyers and hindering your own sale.
What is your opinion?
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Updated June 6, 2011
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