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Fees Involved When Selling to a Cash Buyer
Cash buying is a relatively newer method of selling your home. Despite it being less traditional, selling to cash buyers has many benefits, so it is quickly growing in popularity. According to a report by Redfin, cash sales accounted for 30% of home purchases in 2021, highlighting their increasing popularity. One of the benefits of selling this way is that there are no hidden fees involved.
No Commission Fees
When you sell your home on the traditional housing market, you typically hire a real estate agent. This agent helps you navigate the fluctuating market. Additionally, they help you advertise your home, handle important correspondence between you and potential buyers, and advise you in picking the best offer. An agent’s expertise is very beneficial and essential when selling using traditional methods. However, when you sell to a cash buyer, the process is much simpler. You are also only dealing with one buyer and one offer. Because everything is much easier to understand, you don’t need to hire an agent and pay commission fees.
No Showing Fees
It can be very expensive to show a house, especially if your house is on the market for a long time. Not only do you have to pay someone to physically show the house, but you also usually pay staging and other fees. According to the National Association of Realtors, staging a home can cost anywhere from $500 to $2,000. Cash buyers don’t need any fancy showings to be impressed by your house. You can skip the excessive and costly formalities when selling to a cash buyer.
No Closing Costs
Another great thing about selling to a cash buyer is that there are no additional closing costs. Mysterious extra closing costs are very typical when selling your home traditionally. According to Zillow, sellers can expect to pay 1% to 3% of the sale price in closing costs. However, when selling to a cash buyer, you simply agree on a price and any other conditions with the buyer, sign an agreement, and complete the transaction. As real estate consultant Michael Brown explains, "Cash transactions are straightforward, often closing within a week and without the usual deductions for closing costs." Within as little as a few days or a week after closing with a cash buyer, you can have the money you were promised in full with no closing costs deducted.
When you choose to sell through more traditional ways of home-selling, you can usually get pretty high offers. However, there is a myriad of hidden fees and costs that cut into that profit. A more valuable way of selling your home is to sell your home directly to a cash buyer. The money that you make from selling to a cash buyer will be completely yours.
To see what other fees you can avoid when selling to a cash buyer, reach out to Midwest Homebuyers here today.
