Who has to pay the closing cost?

Normally buyers are responsible for their closing costs, which are the costs they incur to obtain financing for the purchase of the property. Until last year I would typically get the sellers to pay for the buyers closing costs. However, we are experiencing an extreme seller's market currently where I have seen homes sell for up to $150k OVER list price. When sellers have 25 offers to choose from, they certainly will not consider those that dont have the best terms for them (like paying the buyers closing costs). I am also seeing those with VA financing having a hard time getting a contract accepted and those with buyer's contingency (like when you have to list and sell your current home in order to close on the new property). Recommend you work with a dedicated buyers agent and they explain what you can expect and your local lender to see how much you should expect to pay in closing costs. Good luck! Spirit

Hello Michael, buyers pay closing cost or the lender might be able to cover it also please reach out to me I can answers all your questions - Alfred

Michael, Everything is negotiable. If you don't ask, you don't get.

Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too.