Most home buyers in this seller’s market are sourcing their own closing costs in order to win bidding wars. The inventory of Santa Clarita homes is low, and competition can be fierce. However you may not have that luxury and you need help with your closing costs. Who can help you, or what strategy can help you?
In the video below I talk about a few strategies you can take when approaching a seller with an offer that includes a request for a closing cost credit. I talk about a few other sources too… such as speaking with your lender about a possible “lender credit”.
To Review:
- First try to save up money for your own closing costs
- Get with a lender for an estimate for how much your closing costs may be
- If you can’t save up for all of the costs, ask seller for a partial credit
- If you can’t save up for any of them, ask seller for a full credit
- Talk to your lender about a lender credit to your closing costs. Ask them if this will impact your interest rate and make it go higher.
- Talk to your Realtor…. commissions are negotiable. Perhaps they can pitch in a few bucks if it closes the gap and both parties mutually agree that it’s the right thing to do.
- Consider a loan from a family member or friend. Check with lender that any gift funds are OK, and if so how much.
- Make your offer, and most importantly, work with an experienced Realtor who knows how to negotiate on your behalf.
Your goal of buying a home in Santa Clarita is a priority, and it’s important that you don’t let an issue like closing costs stand in your way.
After watching the video, please let me know if you have any questions about the home buying or home selling process. I’m here to help.
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