Redefining Real Estate


Turfmates Blog : education & information

The Closing Cost Game & How Turfmates Can Help


When buying a home, the sticker price can be tricky. You have several offers and counter offers hit the table, but at the end of the day closing costs can add up and first time home buyers are stuck paying for them. At Turfmates, we want to take that stress and guessing game off the table.

Investopedia reported the average Tennessee closing cost around $2,030. While that number is about fifty dollars lower than the national average, it still is a chunk of (often unexpected) change that is not easy to let go of when its time to ink the deal. At Turfmates, we keep closing costs simple, buyer friendly, and financially more rewarding. Our buyers get a refund of the buyers agent’s commission, minus our flat service fee (small fluctuation depending on price of the property), in exchange for a fraction of equity. The buyer’s agent commission usually adds up to be 2.5-3% of the home price and even though seller usually pays for both buyer and seller agent’s commission, it is already baked in to the price. Since this cashback is not a conventional loan, there is no interest rate and no monthly payments. Buyers do not have to repay anything until 10 years or when you sell the home, whichever happens first. If the value of your home goes down, so does the amount you owe us. You can use this extra money to pay the mortgage ancillary expenses so your monthly payments stay as low as possible or even use it to purchase new furniture, make changes to add personal touches to your new home, towards moving expenses, or a host of other beneficial ways.

For examples, on a $750,000 home, a seller would save approximately $14,500 and the buyers would receive a check for approximately $14,000 after closing. Can you imagine the ways those funds could be used to update or enrich the new home feels? Let Turfmates get you extra spending dollars on your next home purchase.

For the full Investopedia article, click here.

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