How to Negotiate House Closing Costs

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How to Negotiate House Closing Costs....5

The closing costs a house seller will pay can determine how much house you can afford. Learn how in this video on buying a home.

Part of the Video Series: Income, Credit & Home Loans: Buying a House
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Video Transcript

I am going to be telling you how much you can afford for a first time home buyer. When going to purchase your first home and you are trying to figure out how much house you can actually afford, you have a Realtor and looking at homes and find a home that you really like and you even get to the point of a contract on that house. A very important thing to remember is how much the seller of that home willing to contribute towards your overall closing costs. There are situations where a seller can pay for your title. They can pay for your appraisal and they can also pay for your survey and you want to find out hey, we like this house. We want to buy it what is the seller willing to do to help me out purchasing this home. There are also situations where a builder, it's a brand new home and it was just built, if you want to buy it and if you don't have a Realtor, that builder is allowed to contribute 6 percent of the purchase price towards your closing cost. That's with no Realtor. If you do have a Realtor, it is 3 percent that the seller can contribute towards your closing cost. This could be a way of determining is this the right house or not based on how much the seller is willing to pay for your closing cost.

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