For people selling their homes, closing costs are often the largest final expense.
In fact, closing costs usually are around 5% to 6% of the selling price of the home. That means on a $250,000 home, you could expect to pay up to $15,000 or more in closing costs.
That’s a lot of money! So we’ve put together a list of strategies you can use to lower your closing costs when you sell your Michigan home.
One way to get rid of closing costs altogether is to sell to a professional homebuyer like us over at Mitten Made Properties. We can make you a fair cash offer on your Metro Detroit home, purchase it in as-is condition (also saving you money on repairs, cleaning, and prep work), and we’ll pay all closing costs. Bonus: Our process saves you time, energy, and hassle too. Check out a list of benefits and give us a call at (248) 883-3340 to learn more!
But, if you do decide to sell your Southeast Michigan home the traditional way, with a real estate agent, here are some strategies you can use to reduce closing costs.
Comparison Shop Lenders
If you are selling your old home to buy a new one, before finalizing a new mortgage loan take the time to comparison-shop by getting loan estimates from lenders. We strongly recommend doing so. Of course, this advice is only applicable if you’re currently looking for a loan.
Negotiate with Buyers
If the price of your home is a good deal for the buyer, then you might try to negotiate so that the buyer is paying for some of your share of the closing costs. This is a popular option in a seller’s market – when there are more potential buyers than homes for sale – and something to talk to your real estate agent about.
Negotiate with Your Agent
You might not know this, but a real estate agent’s commission is 100% negotiable. So before choosing a real estate agent, talk to them about lowering the percentage of your sales price that they’ll take home.
Good luck selling your Michigan home!