as they agree to the higher price you’re proposing for your home.
>Show me some numbers, please! w me some numbers, please!
• Let’s say, for instance, your asking price is $250,000. • Closing costs would be approximately $7,500. • Your bidder makes an offer for $240,000 and additionally asks you to pay the closing costs. • We understand this means you would be letting your home go for $17,500 less than you asked for it. That’s a nice chunk of change, and often more than anyone with a house worth the asking price is willing to sacrifice. • So, you make a more reasonable request. Simply counter by agreeing to pay the $7,500 in closing costs, but only if the bidder is willing to pay the original price of $250,000 for the property. • You’ve reduced your loss to a more reasonable amount, at $7,500. • The bidder is still getting a deal, and you’re getting a fair price. (Keep in mind these numbers are only approximations. Actual numbers will vary. I think you can see the point, though.) Ideally, this approach allows you to get back the money you invested for closing costs as soon as the deal is done. However, there’s one major hurdle that could hinder you. In the event your home won’t stand for the amount of money you’re asking, you’ll have to go back to the drawing board.
A bank isn’t going to lend more money than your home is worth.
86
Powered by FlippingBook