The Insider's Guide To Selling Your Home By Owner- Rocio Fausto I | Page 55
not only want you to pay the closing costs but also to come down
on your original price.
I’ll give it to you straight. You should pay those closing
costs. Wait! Before you decide I’ve lost my marbles and toss your
PC out of the nearest window, allow me to show you how paying
those costs will work for you and not against you in the long run.
You should pay the closing costs, but you should also
increase the price the buyers pay for your home by the same
amount. Let me restate that.
If the only thing keeping you from selling your home is the
out of pocket costs for closing fees, and you’re able to pay it, it
would be beneficial for you to do so. But, you should recoup that
money by raising the price on your home by the same amount.
You see, the buyers may not be able to come up with the
extra cash for the closing costs, but they can often borrow more
mon ey with their loan.
Many buyers just don’t realize that if you pay their closing
costs, you are giving up some substantial profit on your home’s
sale. So, help them realize that fact in your counter offer.
Here’s how you handle the situation. Basically, when the
buyer submits an offer that includes you paying the closing costs,
simply counter with an offer that says you’ll do just that. That is,
you’ll do just that as long as they agree to the higher price you’re
proposing for your home.
Some numbers, please
Let’s say, for instance, that 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.
You and I, we understand that 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
54