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To The Seller's Credit
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To The Seller's Credit
To The Seller's Credit
When buying your next investment property or even a second or third home, negotiating with the seller is just the starting point. After all, unless you get a good price it's not really a deal, is it? You make an offer and the seller accepts. Or not. The seller might counter-offer with another price and you can accept it or not. You might go back and forth on price several times before you ever reach a deal.
Part of that back and forth also includes not just the price of the home but other considerations from the seller. Does the fence need repair? Do the appliances convey? And what about the seller paying for your closing costs? Negotiations are just the starting point when buying real estate but if no deal is made there's, well, no deal.
Let's say however you not only agreed to a sales price but also the seller is fixing the fence and you get to keep the stainless steel appliances in the kitchen. You also went another step further and the sellers agree to pay for $3,000 toward your closing costs. Which ones you ask? Does it really matter as long as the seller pays? Actually, it does.
If the seller pays for $3,000 toward your closing fees that could be an appraisal and title insurance and other fees. But those are one time charges. Once the seller paid them and the deal closes it's history, right?
Not really. Instead of the seller paying for $3,000 worth of one time charges have the seller pay $3,000 in discount points to lower your rate. Lowering your interest rate is something that will benefit you long after you leave the closing table.
For example, you have a $300,000 loan and the seller is going to pay one point, or $3,000 to lower your interest rate by one-quarter of one percent. By lowering your 30 year fixed rate from 3.50 percent to 3.25 percent your monthly payment drops from $1,347 to $1,305, or $42. That may not appear like a good deal compared to $3,000 of one time charges. But what if you keep that 3.25 percent rate for the next 10 years, how much do you save? $5,040. 20 years? $10,080. The life of the loan? $15,120.
If the seller is paying for closing costs, have them pay for a discount point to lower your rate. It's the gift that keeps on giving.
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