How to Reduce Buyer Closing Costs in Miami

Save 2% When You Buy: https://www.hauseit.com/buyer-closing-credit/

In this tutorial video we'll go over three main ways buyers can reduce their closing costs in Miami or Florida generally.

#1 Closing credit from the seller:
Buyers can negotiate with the seller for a closing credit, typically done during the inspection period when the buyer tries to renegotiate because they found something not to their liking, or that they didn't discover until now. For example, they ordered a home inspection and the inspector came back with some defects that the buyer didn't notice on their own. They can ask for a credit from the seller, or for the seller to repair the items, or threaten to otherwise back out. Depending on market conditions and how competitive the property is, the seller can agree or disagree. Typically buyers and sellers will agree on a credit vs repairs, as it's simply much easier.

#2 Closing credit from the lender:
Sometimes the mortgage lender will give a credit to the buyer, which is reflected in Closing Disclosures or settlement statements. Often times these are opaque and hard to figure out, but sometimes they are easier to explain such as a relationship pricing discount or credit for the buyer depositing a certain amount of funds with the bank. Other times banks might have a first time home buyer program where they give a credit to the buyer on the Closing Disclosure.

#3 Closing credit from the buyer's broker:
A Hauseit Buyer Closing Credit allows your Hauseit buyer's broker to give you 2/3 of the buyer agent commission at or post-closing. If it's done at closing, then you will see a credit against your closing costs in your settlement statement or Closing Disclosure. Otherwise, you will receive a check post-closing. Either way, this can be a substantial amount especially since co-brokes can be quite generous in Miami especially for new construction buildings (i.e. the Missoni Baia offers 7% to buyers' agents).

Save 6% When You Sell: https://www.hauseit.com/agent-assisted-fsbo/
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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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