Closing Costs in a Cash Home Sale
It seems too good to be true: selling your home in less than 30 days with no commission and no closing costs. But, it’s true–when you sell directly to a cash buying company, that is. Since these home sales don’t follow the traditional process, they can save you from paying all of those extra fees and commissions.
No Inspection Fees
A cash home buying company will buy your home “as-is,” that is, in its present condition. In fact, home buying companies are willing to purchase a property in almost any condition, even if it has major foundational issues. This gives you immediate savings on out-of-pocket expenses because you don’t have to invest in making repairs, having carpets cleaned, repainting, and so on.
In addition, no home inspection will be ordered. It varies by location, but a home inspection can cost anywhere from $300 to $500 or more. And, if the inspector discovers any problems, you’re on the hook for paying for the repairs. That won’t happen with a cash sale.
No Commission
Cash buying companies also don’t charge commissions. Typically at closing, up to 5 to 6 percent of the sales price will be deducted from your proceeds as commission for sales agents and brokers. You don’t go home with the amount of money you were offered.
At closing with a cash buying company, commissions will not be deducted. They don’t need to charge commissions because they don’t use sales agents or brokers. You are selling directly to the company with no third parties involved.
No Other Expenses
You won’t be charged any other fees or expenses at closing with a cash home buying company, either. There are no appraisals or add-ons. The home buying company will pick up the remainder of the closing costs.
That means, the cash amount you were offered in the beginning will be the amount of money you will receive for your home. You don’t have to do any math to figure out how much you will ultimately get from the sale. You also don’t have to worry about fluctuations or changes between the offer and the closing.
Selling a home can often be a headache. And listing it on the market can involve more expenses than you might think. A sale to a cash home buying company could be a good alternative for you, especially if you need to sell your home in a hurry.
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