Comments on: Techniques for Covering Closing Costs http://www.biggerpockets.com/renewsblog/2007/12/21/techniques-for-covering-closing-costs/ Learn, Network, Invest Sun, 22 Nov 2009 10:53:57 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: London dentist http://www.biggerpockets.com/renewsblog/2007/12/21/techniques-for-covering-closing-costs/comment-page-1/#comment-53156 London dentist Tue, 25 Dec 2007 07:37:35 +0000 http://www.biggerpockets.com/renewsblog/2007/12/21/techniques-for-covering-closing-costs/#comment-53156 Its really a Good article.I never used this approach to help pay closing costs. Thanks Its really a Good article.I never used this approach to help pay closing costs. Thanks

]]> By: Michael Creel http://www.biggerpockets.com/renewsblog/2007/12/21/techniques-for-covering-closing-costs/comment-page-1/#comment-53093 Michael Creel Sat, 22 Dec 2007 06:48:51 +0000 http://www.biggerpockets.com/renewsblog/2007/12/21/techniques-for-covering-closing-costs/#comment-53093 It does work perfectly well as long as no issues arise over price or repairs. If you approach an agent for a deal like this and at the same time want to beat the seller to death on the price, obviously it won't fly. Many agents will refuse to do it fearing that they cannot be loyal to two parties at the same time; it is a fine line, but I've had no issues with it thus far. As long as your honest with both sides and give fair opinions, you do fine (as an agent). It saves both sides a lot of money and the agent makes the exact same for just a little more work. Most agent would read me the riot act for even writing this article! I argued with a few prior to submitting. In the end they admit they have done it, and it worked fine; it's just not something we are supposed to encourage out of loyalty to fellow agents. As I said in the article, its not for everyone, or every deal, but it does work well when used at the right time. Good luck. It does work perfectly well as long as no issues arise over price or repairs. If you approach an agent for a deal like this and at the same time want to beat the seller to death on the price, obviously it won’t fly.

Many agents will refuse to do it fearing that they cannot be loyal to two parties at the same time; it is a fine line, but I’ve had no issues with it thus far. As long as your honest with both sides and give fair opinions, you do fine (as an agent). It saves both sides a lot of money and the agent makes the exact same for just a little more work.

Most agent would read me the riot act for even writing this article! I argued with a few prior to submitting. In the end they admit they have done it, and it worked fine; it’s just not something we are supposed to encourage out of loyalty to fellow agents. As I said in the article, its not for everyone, or every deal, but it does work well when used at the right time. Good luck.

]]> By: Steven Boorstein http://www.biggerpockets.com/renewsblog/2007/12/21/techniques-for-covering-closing-costs/comment-page-1/#comment-53091 Steven Boorstein Sat, 22 Dec 2007 04:30:38 +0000 http://www.biggerpockets.com/renewsblog/2007/12/21/techniques-for-covering-closing-costs/#comment-53091 Good article. I have never used this approach to help pay closing costs. I didn't realize that agents were open to this and think that agents who do this are promoting an ethical practice. In essence, it sounds like they are collecting the same commission whether they are the sole agent or an exclusive buyer's is also involved. Knowing this, I'd be interested in approaching listing agents directly to negotiate deals in the future. Steven Boorstein Landlord Business Insider Good article. I have never used this approach to help pay closing costs. I didn’t realize that agents were open to this and think that agents who do this are promoting an ethical practice. In essence, it sounds like they are collecting the same commission whether they are the sole agent or an exclusive buyer’s is also involved. Knowing this, I’d be interested in approaching listing agents directly to negotiate deals in the future.

Steven Boorstein
Landlord Business Insider

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