Who Pays the Closing Costs In Georgia?

By
Real Estate Broker/Owner with MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living 272617

I always stress to my Buyers, real estate is different in every state. Don't presume things are done in Georgia the way they are done in ____________-(fill in your state.)

If you are a Seller, you've already purchased that home in Georgia so you know about the process. But the question is....

Who Pays the Closing Costs in Georgia?

And the answer is.....it depends. 

It is not uncommon for the Buyer to ask the Seller to pay all, or part of the closings costs associated with the Buyer's mortgage to purchase the home or condominium. We won't dive into what all the closing costs are, but they relate to any of the monies necessary for the Buyer to get their mortage and close, as well as other costs like HOA Capital Contribution, etc.

But, this is a negotiation point when making your offer! It is by no means any kind of guarantee. In the tight Seller's market that we are experiencing in Atlanta, asking the Seller to pay closing costs could equal you losing out on that home you really love. If the next Buyer (or in the case of multiple offers) is not asking for any closing costs, and you are, that could be the difference that has the Seller select the offer other than yours. 

Now, I understand that maybe you have your down payment, but these other costs (or the money to pay for them) is not hanging out in your savings account! And you may need that financial assistance from the Seller to purchase the home. If that's the case, then we may have to look for another home where the Seller is willing to offer this option. There are also numerous down payment assistance programs that you may qualify for that will further help with this!

As part of our Initial Buyer Consultation with you, we'll discuss this part of your finances as well as give you contact information for our Team Lenders. They can give you more specifics on your loan and closing costs, and we can discuss the monies you will need, along with your down payment to purchase your new home or condominium. 

But as your Buyer's Agent we will work with you to get the best possible offer together and help you buy your new home! 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Georgia Fulton County Atlanta
Groups:
Atlanta Real Estate Q&A
Local Expert
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
buyers agent
buyers

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
576,108
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Here in Canada, the Buyer and Seller each pay for their own closing costs.  

Jan 28, 2018 08:13 AM #1
Rainmaker
1,947,427
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

It's interesting how people do things different in different parts of the country. There's usually a shift as to who pays for closing costs (it's negotiable) when it's a Buyer's Market or Seller's Market in TX. 

Consumers from other parts of the country looking to buy in your area would be wise to consult with you. 

Jan 29, 2018 07:00 AM #2
Ambassador
1,791,046
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Normally, it's split here, however it's not unusual for a buyer to ask for closing costs and pay a bit over to cover the FHA required down they are asking seller to contribute. 

Jan 30, 2018 12:32 PM #3
Rainmaker
2,725,258
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I didn’t know a lot about the rules in the state of Georgia. Thanks for the heads up!

Apr 08, 2018 02:31 PM #4
Rainmaker
2,725,258
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I love the idea of it, but I may need to be swollen a little bit more

Apr 08, 2018 11:49 PM #5
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
755,457

Thom Abbott

Midtown Atlanta GA Condos For Sale
Do You Have a Question about Midtown Atlanta Real Estate?
*
*
*
*
Spam prevention

Additional Information