When it comes to selling a house, homeowners usually forget that there are fees that need to be paid by the seller. Modern Times Homes has been buying and selling Illinois properties for many years and there were times when homeowners would get mad when they found out about closing costs. Typically for a house sale, the seller has to pay about 8% of the selling price in fees.
…yes, we agree, it is a lot of money. Let’s say your house sells for $300,000; you would pay about $24,000 in closing costs. That would cover both seller’s and buyer’s agent commission, attorney fee, and title company fees.
Of course there are some ways to lower the closing costs. For example you can negotiate commission with your agent. Not a lot of people know that, but realtor’s commission is 100% negotiable. You pay whatever two of you agree on. Negotiating this would help you lower closing costs for sure.
Another way to lower closing costs would be listing your house as FSBO. By doing so would help you save about 5% in closing costs, but you would be 100% on your own. Meaning that you would have to determine the value of the house by yourself, list it on different websites and market it on your own. It is a lot of work but it sure would help save some money.
If none of the above options work for you, maybe consider selling your house to a local home buying company, like us, Modern Times Homes. We buy properties directly from homeowners without listing it anywhere. We are the only ones viewing the property, so no showing and we pay cash. The best part of working with Modern Times Homes is that we guarantee hassle free, fast transactions and we pay closing costs. YES, so if we agree on $200,000, you walk away with that amount. No hidden Fees. Give us a call at (847) 242 2212 for no obligation cash offer.