Does it pay to ask for a sellers credit on a buyers closing costs? Is it better to offer a much higher price?
Answers:
You have nothing to lose by asking. It will depend on how motivated the seller is to sell the house. I wouldn't advise offering a higher sales price to cover the cost, leave that to the seller to counter your offer if he chooses. Go for it! Good Luck.
It's illegal.
It just depends if you NEED the cash (for repairs for instance). Just remember that the seller is NOT conceeding money but is allowing YOU to finance the close of escrow on your end of the deal. The money just gets "tacked on" to your mortgage.
For some FTHB, this is a great way for them to get into a home. And its not illegal in my area. Some lenders limit the amount a seller can contribute to a buyers closing costs, typically around 3%. Since the contribution is coming off the sellers bottom line, you are going to have to be closer to the asking price.
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