Who Pays Closing Costs Buyer or Seller

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Today we’re gonna talk about who pays closing cost and it’s not quite as straightforward as you think let’s go hi my name is charlie vincey welcome to the channel i’m a fairfield county connecticut realtor we post new videos twice a week so the short answer to the question is that both the buyer and the seller pay closing costs they just pay different things so

I’m gonna itemize those out for you and give you a big picture idea of what you will likely have to pay for as a buyer and as a seller and the other thing i’m gonna do is i’m gonna give you a little tip at the end for sellers to help use closing costs to market their property and attract more buyers arie buyers we’re gonna start off with you first i’m gonna give

You a quick rundown and i’m gonna show you where you should focus to try and reduce your closing cost so some of the miscellaneous things that you’re gonna have to pay for title insurance and an appraisal and in some cases in some states you’re also going to pay an attorney the next subset of items are typically what we call prepaids so these really aren’t this

Isn’t lost money well essentially your duties are pre paying taxes you’re paying for a fuel oil or propane that baby left in the tank when you purchased a home and homeowners insurance so these are things that you’d be paying anyway in the last chunk of things that buyers typically pay for are going to be bank fees this is your best area to reduce your cost because

Sometimes those lower rates come along with higher initial costs do you like what you’ve heard so far please do me a favor go down and hit the like button i already sellers you are up next i’m gonna share with you your breakdown of your typical closing costs and i’m also going to share with you a quick tip on how you can use closing costs to actually attract more

Buyers most in most cases you’re gonna have some type of transfer tax the other thing is you’re going to have either an attorney or a title company to actually transact the the property sale and then the third the most obvious are the realtor fees so how are you going to use closing costs to attract more buyers it’s really simple you’re going to offer to pay to

The buyers to pay for a portion of their closing costs in exchange for a higher sale price so if you’re looking to buy or sell a home in lower fairfield county i can help and i’d love to chat so you get a little more money for the home the net to you is the same but for sellers who maybe don’t have enough money or maybe they’re using some of that money to fix up

Your home or to do some repairs at the homes not in that greatest shape you can offer make this offer to them and actually attract more buyers who maybe couldn’t go or couldn’t afford a different home they can afford yours and in many cases they’re willing to pay you a little bit more money for that so i’m gonna leave some links below in the description where you

Can search all connecticut real estate i’ll leave a link to our relocation guide down there as well as well as our instagram links so go ahead and follow us there for some great home ideas

Transcribed from video
Who Pays Closing Costs Buyer or Seller By Charlie Vinci