Page 30 - How To Buy A Home In Louisville

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Making An Offer (Continued)

Example Situation
Even though $100,000 is the list price, $98,000 is the seller’s bottom line.
They have to be able to sell the house and pay off their loan and seller closing costs.
If the buyer were paying their own closing costs and down payment, they could take an offer of $98,000.
But this buyer is a first time homebuyer with no money.
This buyer needs the seller to pay $3,000 towards buyer’s closing costs, so:
$3,000 is added to the $98,000 that the seller needs, making the final purchase price $101,000.

As long as other houses in the area are selling for similar prices, there is no problem. The seller sold the
house and got their bottom line. The buyer got the home they wanted and did not have to spend any
money on closing costs. Even though the buyer paid more than the list price, it’s a win-win situation.

And of course, the seller will always wonder if they could have held out for more money. And the buyer will
always wonder if they could have bought their home for a lower price. At the end of the day, the seller wants to
sell their house and the buyer wants to buy it. Your happiness is also worth a dollar amount. Don’t buy a house
that’s more expensive because it’s in the “right” neighborhood according to someone at the office. Be happy in
the house itself, every time you walk through your front door.

The River Valley Realty Group - How to Buy a Home in Louisville, Kentucky 28