How to save big on real estate closing costs is a question that is rarely asked by home buyers and sellers because they have no idea that the option is even available. Partly because real estate agents and lenders pick the closing company with which they have the best relationship and don’t mention there could be savings involved. But also, partly because home buyers and sellers don’t realize they have the right to choose their own closing company. And, picking the right company means speed, convenience, and SAVINGS.
Here’s how to save big on real estate closing costs:
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Choose your own closing company.
Home buyers and sellers, this message is for you. Make sure you are not blindly going with a real estate agent or mortgage brokers suggestion for a closing company. Shop around. Get quotes. Compare costs. There could be thousands of dollars you are leaving on the table for paying mark-ups in closing fees.
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Ask for the Butler Rebate
Once you choose a closing company, ask for the Butler Rebate. If they won’t give it to you or say you’re not eligible, on to the next. EVERYONE is eligible. Why? Because the Butler Rebate is a Florida Statute that allows closing companies to give a portion of the premium back to consumers as a discount. Companies like Titlezoom, a technology-based closing company, gives all of their clients a 20% or more discount on the title insurance policy right off the bat.
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Make sure you’re not being charged for junk fees
Look for closing companies that charge a flat fee to close. Most companies charge a closing fee, flat or not. This includes things like the puppy pads company’s time to actually complete your closing. But, if you notice that they are also charging for let’s say a $150 courier fee (who even uses couriers anymore?!) or wire fees, definitely consider switching to another closing company before it’s too late. A flat fee is the way to go.
Now that you know a few tips on how to save on real estate closing costs, the next key is to figure out how to make the process more convenient. Stay tuned…
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