In a traditional home sale, there are several expenses that you’ll need to account for including taxes, commissions, and more. However, cash sales are a little different. There’s less you will need to worry about.
No Commissions
Anyone who’s sold a house before will tell you that one of the largest expenses is paying the commissions of the real estate agents involved in the sale. The seller is usually responsible for paying both commissions. This commission usually comes out to be about 6% of the sale price which is split between both agents. This is a major expense that not all sellers are prepared for. Cash sales, however, don’t usually involve realtors at all. This means you won’t be paying any kind of commission. You also aren’t responsible for any other commissions for those involved in the sale.
Closing Costs
The one cost you may need to be ready for is what you’ll end up paying at closing. Most sales have several costs involved. You’ll have to pay all the state and local taxes. For example, you’ll still have to pay property taxes on your home until it’s officially sold. Additionally, there are many fees that cover all the work being done. These fees will pay the title company, escrow company, notary, any attorneys involved, and more. The price of these fees will depend on the details of the sale as well as local laws.
Perks of Selling to a Home Buying Company
Selling to a home buying company is perhaps the best way to go through with a cash sale. Home buying companies are owned by experienced professionals who can get you through the process easily. Everything is streamlined and focused on benefiting you. To top it all off, many home buying companies will actually pay the closing costs for you. This means you can sell your home without any commissions, fees, or other expenses.
Selling your home can end up being quite expensive if you don’t go about it in the right way. You can save a lot of money if you sell your home to a cash buyer rather than a traditional buyer. A home buying company can save you even more money and land you with an easier sale.
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