I still see many buyers still requesting the seller to pay all of their closing costs when purchasing a house not even considering the amount of closing costs the seller is responsible for paying on their end. This of course, all started when the government wanted to stimulate the economy and give buyers money several years ago. Well, the government is not doing this any longer and buyers now expect sellers to take on that roll.
When a buyer purchases a property they can expect an estimate of 3% of the sales price in
closing costs…this does vary with each lender and getting with a lender or a REALTOR® to go over a better estimate should always be your first point of contact.
When a seller sells their property their closing costs can come to 9% of the sale price. If they paid both, you are looking at 12% off of their estimated net; which in some cases leaves them very little in their investment.
Homeownership is a great thing and everyone deserves a home; however buyers should have some skin in the game without thinking they can just move in with someone else paying the bill. What are your thoughts?