"Can You Guarantee I Won't Pay Any Closing Costs?"
This was the question I recently got from a buyer lead. She stated that she was ready to purchase, and she insisted on not paying any closing costs. She asked me straight up, 'can you guarantee I won't pay any closing costs?'
I understood where she was coming from. As a smart buyer you want to negotiate the least amount of money 'out of pocket' not going towards reducing your the amount you will owe on a mortgage. But I realize that to have this demand and not fully understand the dynamics of each deal made it impossible for me to make such a guarantee to her or any buyer for that matter. In my experience each deal I have done in metro Atlanta has been very different.
Today for the most part we are still in a seller's market. Even as we slow down due to the cyclical nature of real estate, we still have multiple offers situations. Competition continues to be strong in the metro Atlanta markets. Owner occupant buyers are still competing with investors especially at price points below $200,000.
So any offer that takes away from the seller or causes the seller to have to come out of pocket may be less competitive with other offers for the same properties. The exception is some new construction. Many builders are offering wonderful incentives to buyers on new construction homes that can be applied towards upgrades and/or closing costs. Wilson Park Homes, for example, is offering a $10,000 incentive to buyers to use however they want.
There are many factors that have to be considered when negotiating any deal. Sellers are different. Financing is different. Properties are different.
I will always do my best to negotiate the best deal for any buyer client, But whether or not you pay any closing costs is dependent on each individual deal. And I don't know of anyone who can guarantee you will not pay any closing costs.
For help with buying or selling or leasing in metro Atlanta, please call us at 404 907 1646. Thank you!
Office 404-418-8092 Cell 404-246-3210 Fax 404-991-3770