People ask me about closing costs all the time. Why are they so large? How can we minimize them? Who exactly pays for them? I’m going to answer all of these questions for you today.
Closing costs involve a lot of different charges throughout the transaction and are incurred by both the buyer and seller. The costs are broken down in the video above.
Four out of five transactions in Northern Virginia end with the seller paying the buyer’s closing costs. My Seller Blueprint and Buyer Blueprint both explain why this happens. If you’d like a copy of either of them, feel free to reach out.
Even a strong buyer will ask for closing costs.
Even a very strong buyer will ask for closing costs, so sometimes we have to get creative in how we handle the situation for home sellers. I recently had a home seller with virtually no equity in the home. They couldn’t afford to pay the closing costs, so I got to work on a solution.
We ended up working things out by thinking outside the box. We were able to get the lender to give the buyer a $5,600 credit to cover the closing costs while the seller was able to walk away with a bit of money in their pocket as well. This was a very creative transaction and just goes to show you what a fantastic agent can do to get a home sold.
If you have any questions for me or any real estate needs that I can assist with, give me a call or send me an email. I look forward to hearing from you soon.