A seller of a off market property is asking about closing cost I am going to assign the contract but I don't know if it's split or the buyer will pay it, any help?
Lender · Tampa, FL · Member since 2013 · 228 posts · 95 votes
4y
@Devante Henry closing costs are typically outlined on the PSA. If not, title/escrow may defer to what is customary in your state. Your title/escrow company will be able to get you an answer for that question very quickly though.
Side note; a lot of wholesalers like to include paying for the sellers closing costs as part of their offers. Doing so makes it much easier for sellers to calculate how much they will take home after closing and it makes your offer more competitive. You can easily pass these costs on to your end buyer so it’s a great way to provide more value to your seller without spending any more money.
Real Estate Consultant · USA · Member since 2014 · 1k+ posts · 751 votes
4y
it could be either. Did the seller specify that the buyer had to pay ALL closing costs? If not, it's normal for closing costs to be split. But sometimes the buyer has to pay to get the deal done.
Lender · Tampa, FL · Member since 2013 · 228 posts · 95 votes
4y
@Devante Henry closing costs are typically outlined on the PSA. If not, title/escrow may defer to what is customary in your state. Your title/escrow company will be able to get you an answer for that question very quickly though.
Side note; a lot of wholesalers like to include paying for the sellers closing costs as part of their offers. Doing so makes it much easier for sellers to calculate how much they will take home after closing and it makes your offer more competitive. You can easily pass these costs on to your end buyer so it’s a great way to provide more value to your seller without spending any more money.