In some real estate transactions, the person selling the home may be willing to pay some or all of the buyers closing costs. There could be many reasons why someone would be willing to do this. For example, maybe the seller needs to sell the home quickly and is willing to pay some of the buyers closing costs in order to get a deal completed. In a competitive market, a seller might offer to pay buyer closing costs in order to gain an edge over other sellers in their neighborhood. Whatever the reason, the willingness or ability of a seller to pay some or all closing costs for a buyer is really on a case by case basis.
From the buyers perspective, you should really know what is currently common place in your specific market. If sellers are paying closing costs, you would certainly want to take advantage of that. One could say, "it never hurts to ask." However, in a situation where there are multiple offers on a property, all other terms being equal, asking for closing costs could mean the difference between owning your next home or a continued home search.
Is it possible for closing costs to be paid by sellers in our local area? Yes, but the likelihood is highly dependent on where the home is being sold. In the beachside areas, only about 10% of all homes sold in 2017 included some seller paid closing costs. In other areas of the county like Rockledge, Cocoa, West Melbourne and Palm Bay, nearly 20% or more of the sales included the seller paying some portion of the closing costs.
In short, it pays to know your market. You certainly would not want to leave money on the table by not asking for closing costs to be paid. Nor would you want to ask for closing costs and possibly lose your opportunity to buy a great house. This is why hiring a knowledgeable and informed real estate agent is crucial to a successful home purchase.
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Brent Burns is a REALTOR® with the Carpenter | Kessel Team. Brent serves clients in Indialantic, Melbourne Beach, Indian Harbour Beach, Satellite Beach and surrounding communities.