If you’ve ever sold a house before, you know how expensive it can be. Closing costs of 10% or more will be deducted from your agreed-upon sales price. But you can avoid these costs by selling your home to a cash buyer.
Traditional Home Sale Costs
When you sell your home through the open real estate market, the closing can be a harrowing experience. Once you’ve accepted the offer, you’ll have to wait for home inspections and appraisals. If these turn up problems, such as repairs that are needed, you could have to negotiate a lower sales price with the buyer.
Then there’s the commission that the real estate company will charge you. It can range from 6 to 8% or more, depending on your location. On top of that, you have to pay another 2 to 3% of your sales price in taxes, fees, and other closing costs.
Cash Sale Costs
By contrast, the cash sale eliminates many of these closing costs. Cash buyers can be individuals, groups, or companies, but they all have one thing in common: they purchase your home directly, without using sales agents or brokers. For this reason, cash buyers don’t charge commission.
Each state has its own required fees, but they typically include title fees and insurance, transfer taxes, and recording fees. An individual cash buyer may require the seller to pay them. A cash home buying company never does.
Advantages of a Cash Buying Company
Selling to a cash home buying company not only saves you on closing costs but also has other advantages. A cash home buying company in your area can make you a cash offer within a day or two. There are no showings or waiting for a prospective buyer. . And, you never have to make repairs.
The closing can be scheduled quickly, often within a week or two. Since the cash buyer doesn’t need to get financing, you don’t have to worry about appraisals or home inspections.
If you’re thinking of selling your home, consider all your options before listing your home on the market. By selling to a cash home buying company, you can avoid commissions, fees, and other closing costs that take a big bite out of your home sale price.
You can save closing costs with a cash sale to a home buying company. Click here to see the savings.