On this journey to identify some probing questions and concerns the public has about real estate and the real estate market I was asked over and over again, "How can I save on my closing costs?"

This was a popular question for both buyers and sellers. And of course the response will be different for buyers and sellers.

• 
  Sellers - If it's not a 'short-sale' you may consider working with a real estate professional. A BPO may help you assess the market value of your property and you can begin to plan the sale of the property with realistic expectations. Thus saving you money and maybe heartache in the long run.


• 
  Sellers - Be sure to disclose all that you know about the property. Selling as is" doesn't always afford you the opportunity of walking away from expensive repairs. Just be up front about what you know, no matter what. CYA


• 
  Sellers - It may not be necessary to spend $$$ staging properties, but if it affords you the opportunity to earn more on your bottom line at the closing table, consider it. Check out the comps and compare for yourself how your property measures up.


• 
  Sellers - work with professionals and ask your REALTOR about offering options or contributions at closing. Get estimates for repairs yourself. You want to be sure what it will cost you on closing day.


• 
  Sellers - Don't ask your REALTOR to cut their commission, explain your situation allow the REALTOR to create a strategy and they will determine what fee should be charged. At the end of the day the REALTOR is working for the same goal, to get your property SOLD.
  For Buyers:


• 
  Buyers - Get a pre-qualification examination done. Find out what you may be able to spend and if there is anything you must do to become better prepared for a mortgage with the best interest rate begin doing it NOW.


• 
  Buyers - Consider getting a print out of your own credit report and find out if what you can do to bring up your score and increase your opportunities for lower interest rates. Create a budget plan and stick to it.


• 
  Buyers - Save money - Be sure to offer 10-25% down payment for lower rate. Be sure to have money saved for estimated closing costs.


• 
  Buyers - the "List Price" is the "Wish" price however, once you have the CMA from a real estate professional, Don't "keep hope alive" by "wishing" you could offer half or more of the sales price and do that.
  Buyers - Discuss with your real estate professional the Good Faith estimate and all the possibilities involved in closing costs.


• 
  Buyers - May ask for "Sellers" contribution.


• 
  Buyers - May ask for less than the list price.


• 
  Buyers - Don't ask your REALTOR to cut their commission. Your REALTOR is motivated as you are with the same outcome in mind. They want the deal done so that you buy the property.


• 
  Buyers - Consider FHA and special mortgages for First Time Home Buyers. Consider options provided by employers for relocating and home purchase.

I'm sure there are more ideas and I thank you in advance for sharing.

My best,

Felicia Romano