Closing costs are an unavoidable part of selling a home that may range anywhere from 1% to 3% of the selling price. It is a massive chunk of money. But is it possible to move forward with your Owasso home sale without paying any closing costs?
There’s no way to avoid closing costs unless another party agrees to pay them. But you can lower the closing costs. Here are a few tips on preventing closing costs to some extent.
Avoid agents: Sell your house FSBO (for sale by owner). The highest closing cost in the transaction is the agent’s commission. It typically costs 5% to 6% of the sale price. Also, you need to pay the commission for both agents.
If you choose FSBO, you are entirely responsible for marketing, communication with the potential buyers and buyers’ agents, and participating in negotiations. So even though you’re avoiding the agent from your side, you still would have to communicate with the buyer’s agent and pay them too.
Get an all-cash offer: Connecting with a property investor or a house-buying company is another way to avoid closing fees. You can sell your home for cash, and they will do all the work.
Many cash home buyers in Owasso are more than ready to buy your house with no closing costs. Reach out to a few of them and compare the offered prices. Choose someone more reliable and trustworthy for selling your home. Oklahoma Cash Home Buyer, LLC, is a reliable cash home buyer in Owasso who will pay a fair price for your home.
- You can request the seller to pay for some of their closing costs. This method is known as a financing concession.
- Since you have the upper hand in the sale transaction, you could negotiate with the seller, especially if the house has been on the sale market for a while.
- You can offer the seller an increased price and request a closing cost credit. This strategy does not technically reduce costs, but it does change the amount of cash you need when the transaction is done.
- You can request the seller gives you repair credit or an agreement to do repairs. Sometimes, the law may insist that few repairs be completed before the sale closes.
- Many of the buyer’s closing costs are related to the mortgage. Some banks could offer mortgage deals to their existing customers, like the recording fee waiver or reduction.
Closing costs are mandatory for any house sale. It is impossible to avoid it entirely, but some of them can be waived if you use the above tips. However, these methods can be time-consuming. If you are a seller that wants to sell your house fast in Owasso and avoid paying closing costs, you can reach out to a trusted cash home buyer in Owasso.