Hi! It’s Lou Brown. I’m back with another of my 101 cash flow accelerators to help you build an amazing real estate business. And one of the things I discovered along the way, is number 91. “Have the buyer pay all closing costs”. So, it’s all related to, when you are selling the property, many times the buyer will pay some or all of the closing costs. Now you may be used to when you sell a property, you expect the agent to put in the contract that the seller is now going to have to pay up to 3% of the closing costs.
Well, but that’s not necessarily true. And that is fully negotiable. Know this. When you do the marketing yourself, you control what happens. And if you find your own buyer, then many of these costs can actually go away. And it’s one of the reasons that we do our path to homeownership program, because our buyers move in, live there for a while before they ultimately buy the property. So that can save you on closing costs at a later date. But if you’re selling retail, you can expect to have it built into the real estate agent’s contract when you are selling using an agent or an agent is bringing their buyer.
So, I have different paperwork. I have a separate purchase and sale agreement for when we sell a property. I have a separate purchase and sale agreement for when we buy property. And in the contract for when we sell property, it says that the buyer will pay all closing costs. To include recording fees and tangibles tax, wood destroying organism report, and all kinds of other fees and expenses. Now again, is that negotiable? Of course, it’s negotiable and you can agree to pay up to a certain amount. Let’s say that you agree to pay up to $500 or a thousand dollars of those closing costs, then that can make you a lot of money in your transaction.
Hopefully, that’s of benefit to you. Like it. Love it, share it, and I’ll see you soon. Yeah, baby.
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