Appropriate time ask owners to pay Closing Costs? - Posted by Kyle

Real Estate Investing
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Posted by jess_MA on May 14, 2002 at 24:45:28:

Just put it in the offer, and let the seller counter-back the offer if they don’t agree.

jc

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Appropriate time ask owners to pay Closing Costs? - Posted by Kyle

Posted by Kyle on May 08, 2002 at 15:00:37:

After reading 100’s of posts on this board, I’ve learned more than any book has told me about REI. A couple of questions though about offers.

Upon making an offer, with the standard agreement (with subject to clauses), when do you work out owner financing? Let’s say the owner is in the position of carrying 20%. Do you write this into the initial offer?

I know you must make offers quickly when the deal is right.

Also, how do you get the owner to pay for closing costs? Do you ask them after the offer has been accepted? Or with the clause “owner pays all closing costs” in the initial offer?

Confused about the timeline of events here…any help would be greatly apprecitated.

Thanks,

Kyle

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Re Time to ask owners to pay Closing Costs - Posted by CLAIR_MO

Posted by CLAIR_MO on May 14, 2002 at 10:15:12:

Kyle, With a standard written contract my suggestion is to write in that the seller pays all closing costs in the initial offer if he has either a lawyer or a realtor write into the initial offer that seller pays all expenses with a lawyer, normally, the seller pays the commission to the realtor but for your protection write into the contract that s/he pays all commission and expenses if a lawyer or a realtor is involved.

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Re: Appropriate time - Posted by Paul

Posted by Paul on May 08, 2002 at 15:14:15:

Seller financing and seller-paid closing costs should all go in the initial offer. If you give them an offer without these things, and they accept it and sign it with no revisions (no counter offer), good luck trying to get it later because you’ll be on the hook for the agreement as it was originally presented.

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Re: Appropriate time - Posted by Kyle

Posted by Kyle on May 08, 2002 at 15:26:20:

Thanks Paul!

Should you discuss who pays the closing costs before the offer or just put it in?