Avoid Paying High Closing Fees
Retail Title Companies
When you sell a home the traditional method using the services of a real estate agent, the agent typically selects the closing company that charges very high closing fees. This company is almost always near the real estate agent’s office and one of the large retail firms. These companies cater to the real estate agents by providing them a bunch of free goodies in exchange for the agent bringing them business.
The fees charged by these firms are typically full retail, but you only find out when the amount you receive at closing is much less you expected, due to their high fees. Why pay high closing fees when there are excellent companies that provide the same service for much less? The type and quality of the title insurance issued by the closing agents are regulated by the state, so there is no difference in title insurance policies. The only difference is what you are paying for the service.
How to Avoid High Fees
If you are selling your home using traditional methods with the help of a real estate agent, you will need to be proactive to prevent being trapped into paying high closing fees. Here is what you need to do:
1. You must understand that you, as the customer, can decide on what title company you want to use. The real estate agent does not get to decide who gets your money and how much you will pay unless you let them.
2. Realize that the only fee that is regulated by the government is the actual cost for title insurance. All the other fees charged by title companies are negotiable and vary widely. Also, title companies are licensed by the state and must meet stringent requirements, similar to a bank, so they will all provide a guaranteed title insurance policy from a highly qualified and regulated insurance company.
3. If you shop or negotiate, you can expect to save hundreds and many times over a thousand dollars.
4. Ask your real estate agent the name of the title company they prefer you to use and if they have a fee chart or sample closing statement that shows typical fees you will be charged.
5. Call several other large title companies and explain you are looking for a company to help them close a transaction, but you are shopping to find a company that provides great service at the best price. Ask them what they would charge or if they could provide you with a sample closing statement that shows typical fees you will be charged. Title companies are always looking for business and will be thrilled to help you! And I mean thrilled.
6. When you have completed your comparison shopping, discuss your findings with your real estate agent. Explain that you are happy to use their preferred title company if they will match the pricing from the other qualified low-cost bidder. We have done this many times and 99% of the time the company will price match. If not, inform the real estate agent that you will use the other highly qualified company that has the best rates.
Congratulations, you just saved hundreds of dollars by making a few calls or sending a few emails.
We Pay Wholesale
At OutFactors, we are allergic to high closing fees and only work with closing agents that provide exceptional service at wholesale rates. This will save you hundreds and put more cash in your pocket. This is just one of the reasons that selling to a home cash buyer like OutFactors is better, faster, and easier.
We Buy Homes for Cash
If you have questions or would like additional information about our cash for home programs, we invite you to visit OutFactors.com, and if you are ready to get your fast and free cash for house offer, click here.
539 West Commerce Street
Dallas, Texas 75208