The simple answer is…NO.
Every offer presented in recent weeks on my listings has included a Special Stipulation that says “Seller to pay 3% (or $5000 or other stated amount) of purchase price towards buyer’s closing costs.”
An article by USA Today states that roughly two-thirds of Millennial home buyers don’t understand or are not very aware of the additional fees besides their downpayment that are due before the property title can be handed over. These fees can include title and escrow fees, lender fees, the price of an appraisal, and many more. Traditionally there are certain fees paid by a seller (such as title insurance, real estate agent commissions) and other fees paid by a buyer (points and loan fees, lender title insurance, home insurance, mortgage insurance). Then there are additional items such as a buyer’s credit report, home inspection and appraisal that are paid up front by the buyer, and things like a home warranty that either party can pay.
The issue is potential home buyers are “looking first, learning later” about the home-buying process. Millennials who are typically more tech-savvy than their predecessors, use the power of the internet to find all these wonderful homes to look at and Realtor contact information right next to the home information. It looks so easy – they want to go see houses, without understanding the home-buying process and fees involved. Nobody is getting home-buying education in school, so they are learn from trial and error…from reading articles…from their parents.
There is roughly a minimum of 3% of closing costs in additional to a down payment that must be paid to be able to purchase a home. There is no rule that says a seller has to pay them for a buyer. If they do, it is usually factored into the price…or sometimes a seller as reduced his price to bare bones and there is no more margin to play with. It’s OK to ask…but if you really want the home, be considerate that a seller already has his hefty share of costs to sell his home…and may not be able to pick up the tab for your costs as well.