• 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. I’m a real estate agent, not a mathematician. I think you can see the point, though.) Ideally, this approach allows you to come out smelling like a rose because you’ll 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, especially in today’s economy. However, paying closing costs in many situations can be a great way to close a deal. It can mean the difference in your possible buyer choosing to go into debt for your home rather than a home down the street. It’s just a matter of asking a fair price for an outstanding home from the very beginning.
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