When selling a home, you might only be considering the money you will make on the sale. However, you are also responsible for a few expenses. If you want to save money, you should opt for a cash sale.
Costs of a Traditional Sale
Traditional sales are going to be more expensive than a cash sale. In a traditional sale, real estate agents help both the buyer and the seller to navigate the process. During closing, the seller is responsible for paying the commissions of both real estate agents. There are several closing costs that will need to be paid. Additionally, in a traditional sale, you may need to make repairs or renovations beforehand in order to attract more buyers. These repairs can be very expensive to complete and typically go over budget. It is a major expense not everyone is prepared for.
No Realtor Commissions
In a cash sale, almost everything is figured out between the buyer and the seller. There’s no need to hire a real estate agent in these circumstances. This means you won’t be responsible for paying any real estate agent commissions. Normally, these commissions come out to be about 6% of the sale price. Not all sellers are prepared to pay these commissions. A cash sale will help you save a significant amount of money.
Covering Closing Costs
In any home sale, there are several closing costs. These include taxes that will depend on your state and local laws. You also need to pay several fees tied to the sale. These include fees paid to the title and escrow companies, fees paid to any attorneys involved, filing fees, title transfer fees, and more. Both you and the buyer will have a few costs to cover. However, you can save yourself even more money if you sell to a home buying company. Many home buying companies will pay your closing costs so you can walk away from the sale without worrying about any expenses.
If you’re selling your home, you don’t want to be overwhelmed by additional expenses. A cash sale can help you save a great deal of money. Selling to a home buying company can only help you save more.
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