Determining how much it will cost you to sell your home through traditional real estate channels can be difficult. There are so many different types of fees and hidden costs to factor in. This is one of the main reasons homeowners are attracted to selling for cash.
Working with a cash homebuying company is a very transparent experience. You’ll be aware up front of any and all associated costs, so nothing will come as a surprise. It’s not the best fit for every homeowner, of course, but if you’re thinking, “How can I reduce the cost of selling my house?,” consider the following elements of how selling to a cash homebuyer compares to a traditional home sale.
1. Prep and Repair Costs
If you’re selling your home in the traditional manner, you’re going to need to invest a little cash up front to pretty things up for potential buyers. Whether this means doing serious staging or making functional and cosmetic repairs and upgrades, it’s going to cost you.
When selling to The Buy Guys, however, there is no need to stage your home for viewings. You also don’t have to worry about updating and outdated rooms or repairing problem spots. We’ll buy your home as-is!
2. Seller Concessions
When you sell your home via the mainstream real estate market, buyers have a lot of power. In cases where the home is less-than-perfect, they can demand you make certain repairs before the sale is finalized. Or they may ask you to make up for those shortcomings by reducing the cost of your home.
Either way, you may end up losing money unexpectedly. The Buy Guys, however, will never ask for reductions based on those things. The offer we give you will be final, fair, and competitive.
3. Fees and Commissions
This is a big one! If you’re selling in the traditional market, you’re going to be on the hook for realtor fees.
It’s unavoidable. You’ll cover commissions on the sale for both your realtor and your buyer’s realtor. Even if you decide to handle the sale yourself in a For Sale By Owner situation, you’re still responsible for covering the buyer’s realtor fees. When you work with The Buy Guys, there are no such fees for selling a house.
4. Moving Costs
The cost of selling your house on the traditional market can vary wildly. If your home moves quickly, you may also be pushed into a rushed move. This could incur costs for things such as movers, storage units, and temporary housing.
Depending on when in the month you leave, you may also still be responsible for things like utilities, HOA fees, insurance, and more. With The Buy Guys, you can set the date for your move-out. This removes the burden of unnecessary overlap costs and allows you the time you need to transition smoothly.
5. Closing Costs
Traditional closing costs are a killer for many homeowners. The cost can range from one to three percent of the total cost of the home, depending on differing fees and legal requirements.
When you sell to The Buy Guys, we handle almost all of the customary fees associated with the closing. You’ll only be responsible for your prorated portion of the county property taxes, a state tax (which amounts to roughly 0.7 percent of the sale price) and the remaining mortgage balance (if any).
As you can see, the fees for selling a house can vary significantly depending on your individual situation. Selling to a cash homebuyer removes a lot of those extra costs.
Keep this in mind when you receive your offer number. If you consider how much you’re saving by not having to shoulder those fees, you’ll be able to evaluate the offer more fairly.
If you’re looking to sell your house without taking on the associated hassle and fees of the traditional real estate market, give The Buy Guys a call today. We purchase homes in almost all conditions, and we can help you quickly and easily sell your home and move on to the next chapter of your life.
