YOUR PERSPECTIVE
On the other hand, it isn’t fair for you to come up with that much cash so they can buy a home. After all, they not only want you to pay the closing costs but also to come down on your original price. You should pay those closing costs. Wait! Before you toss this book out of the nearest window, allow me to show you how paying those costs will work for you in the long run. You should pay the closing costs, but also increase the price the buyers pay for your home by the same amount. If the only thing preventing you from selling your home is the out-of-pocket cost for closing fees, and you can afford those costs, it would be beneficial for you to pay them. You can recoup that money by raising the price on your home by the same amount. Buyers might not be able to come up with extra cash for closing costs, but they can often borrow more money with their loan. Many buyers don’t realize that if you pay their closing costs, you are giving up some substantial profit on your home’s sale. You should help them realize that fact in your counteroffer. When the buyer submits an offer that includes you paying the closing costs, counter by agreeing to do so, as long as they agree to the higher price you’re proposing for your home.
SHOWME SOME NUMBERS, PLEASE!
• Let’s say, for instance, your asking price is $250,000. • Closing costs would be approximately $7,500.
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