How to Save on Closing Costs When Selling Your Home

Before you sell your home, it is important to understand what closing costs are and how to save on them.

Closing costs may include the real estate agent commission, document preparation, notary fees, credit report or appraisal fees, taxes and title insurance.

It is possible to save on closing costs but how?

Negotiate

One way to save on closing costs when selling your home is by negotiating a higher sales price with the buyers to offset some of these fees. When you receive a higher than expected sales price on your home, this will allow you a bit more wiggle room with additional expenses you will see as the seller such as closing costs.

Real Estate Agent Negotiations

In addition, sellers can also negotiate for a lower commission percentage from their real estate agent in order to save money, especially if they have an understanding of what is reasonable in your area.

One tactic to utilize when asking for negotiations is explaining your budget and ability to spend money. Try to ask the agent in a way that will not offend them, that you are requesting they lower their commission percentage. Many agents will be reasonable due to today’s housing market and increase of home prices.

Selling with an Appropriate Broker

When you’re looking to lower your closings, another way to do this is by listing your home with a broker who either offers discounts on brokerage fees. Doing plenty of research prior to choosing your agent who sells your property will help you find an agent that offers these perks.

For Sale By Owner

One of the best ways to reduce closing costs is to sell your home yourself. When selling your home on your own, you need to advertise it, open showings, and meet with potential buyers.

The savings that you will get from not paying a real estate agent will be invested into items like staging and renovations. These investments can help your home stand out from the competition and make it more appealing to future buyers.

So while you won’t be saving entirely all of the costs by not utilizing a real estate agent, you will be avoiding any additional third-party fees that are involved when you do.

Selling Your Home

Selling your home can be a stressful process, but by following these closing cost saving tips, you can save money and make the process smoother. If you’d like a better idea of where your closing costs would lie utilize this seller closing costs calculator today for an accurate estimate.

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