All Forum Posts by: Christin Nguyen

 Good luck! Let us know what they say for those of us now invested! lol

 It is always awkward for new agents to ask for anything semi-non standard. That being said, she works for you, and if you want to relay that request, it's perfectly reasonable. In my experience it would be an ammendment stating something to the effect of "Seller to Pay $XXXX towards buyers rate buy down" (Or whatever specific label your lender uses). Alternatively, you can still request whatever issues want to be fixed resolved, and see what their response is.

A common misconception is that you can only request inspection repairs doing the due diligence period. You can ask at any time before closing, you just don't have the easy out of the contract if the sellers just say no. That being said, the still have a strong incentive to close escrow, and probably don't want to incur the opportunity cost of starting over. One more mortgage payment for them may be the same as just paying what you request. All they can do is say no, and then you decide how to proceed from there. Just asking should nor jeopardize escrow though, so your realtor doesn't have much to be hesitant about. 
 

You can always ask. Given you specifically said you wanted an inspection, but would ask for no repairs, the request may not be well received by the seller.  It also depends on the local market.  Where I am it is still a seller's market.

Lol, you are a very smart girl, first of all, you should find out if the seller is eager to sell the house, if the seller is in a hurry, then these problems are not a problem for you.

@Christin Nguyen see by asking the right question you literally made $2.5K. Good Luck on your purchase.

I am in the process of putting an offer. Hopefully I can get good sellers assistance. Wish me good luck.

@Christin Nguyen - Say you'll give them $175K but want $2.5K of seller credits lol. The worst they’re gonna do is say no. I love seller credits, it’s a great way to bring less funds to the closing table or buy down the interest rate.

 Hey Christin, it's hard to say without knowing your market, the comps, the specific property.  I go for deep discounts in properties and I'm not afraid to walk away from any deal. The last property I bought was listed for $760k. I offered $520k.  We negotiated throughout the processes and I ended up paying $562k with $15k in seller credits (So, I really only paid $547k) and I'm in a hot market.  I would stick to your numbers and if asking for $5k in seller credits makes sense than do that. If $2.5k in seller credits makes sense then do that.  In the future, I would start at a lower initial offer, so there is room for negotiations.  As far as how seller credits work, yes, that amount comes off of your closing cost.

Ty

What does your agent say?  It's largely market dependent.  Properties are sitting longer on the market these days, particularly if they are not turnkey.  The sellers credit would help offset your closing costs typically, so it is helpful for your year one cash in the deal (if you are looking to achieve a particular cash on cash ratio).

Hi Christin, I always think it's worth it to ask.  The fact that they didn't say no to your first offer shows that they are negotiable.  Never hurts to ask.  I've been finding a lot of sellers are open to working with buyers right now even in my market which is still pretty hot.  There are not a lot of buyers, so I believe the buyers that are in the market right now have some leverage.  I've been getting some good deals.  Hope this helps.  Good luck and feel free to follow up.

Ty