Budgeting for a home sale can be a little more complicated than you might think, especially when you don’t know how expensive closing costs will be. When you sell your home traditionally with the help of a real estate agent, they can be very expensive. Here are some details on the closing costs of cash home buyers.
What are Traditional Closing Costs?
If you’re planning to sell your home traditionally through the housing market to another homeowner, you should budget for closing costs to add up to 2% to 6% of your home price. Traditional closing costs typically include expenses such as attorney fees, escrow account fees, appraisal fees, discount points, mortgage fees, federal recording fees, loan origination fees, insurance fees, taxes, and more. Your closing costs can get even more expensive if your buyer expects you to pay for their closing costs, which might happen with a traditional buyer. Additionally, if you or your buyer are using a real estate agent to help with the sale, you’ll have to pay a commission fee, which usually costs 5-6% of the home price.
Do Cash Buyers Have Closing Costs?
In short, cash buyers do have some closing costs, but they are much less excessive than traditional closing costs. Cash buyers stick to essential expenses, such as title work, property taxes, insurance, transfer fees, escrow fees, and other closing fees. Since their buying processes are more straightforward than traditional buyers, their closing costs will be reduced. You won’t have to pay mortgage fees or loan origination fees since your cash buyer will pay for your house fully in cash. Their closing costs are also usually reduced because they don’t often work with real estate agents. That alone can save you tens of thousands of dollars, which can make affording your new house a lot more feasible.
How to Get Started
You can get started in the process of selling your house for cash by contacting a cash buyer and asking them for an offer. Your cash buyer should be able to calculate a personalized offer for you within 24 hours, given that you provide them with your home’s info and specs. For example, they might need to know your home’s square footage, location, style, condition, age, etc. This will help them to calculate a great cash offer for you. Once you receive and accept the offer, you’ll be ready to get started selling your house!
So, if you’re interested in saving big on closing costs, remember that cash buyers are a great option. Cash buyers can help you to save tens of thousands of dollars throughout the selling preparation process and in closing costs. Selling your home has never been easier or more affordable than when you sell for cash.
Are you tired of expensive closing costs? Save big by selling your house for cash! Click here to get a cash offer today from Full Circle Realty Carolinas!