Closing Costs When Selling Your Home for Cash

One of the most expensive parts of selling your home can be the closing costs that accumulate at the end of the process. Closing costs are especially expensive when you sell your house to a traditional buyer. Here are some of the closing costs that you can anticipate when you’re selling your home to a cash buyer.

Traditional Closing Costs

When you sell your house to a traditional home buyer, there are a lot of closing costs that you’ll have to pay. Traditional closing costs might include inspection fees, title search and insurance fees, transfer taxes, appraisal and survey costs, mortgage payoff fees, and more. These closing costs can cost anywhere between 1% and 7% of your total house price, in addition to any commission fees from real estate agents. Some traditional home buyers might also expect you, as the home seller, to cover their portion of the closing costs, while they’ll pay the down payment. This has become more and more common among traditional buyers, but it can leave the home seller in a difficult financial position. 

Cash Buyer Closing Costs

When you sell your house to a cash buyer instead of a traditional buyer, your closing costs will be significantly more affordable. Many cash buyers cover the greater portion of closing costs, which can help you to have an affordable house sale. You will likely have to pay for any lender fees, government fees, escrow fund fees, title fees, etc. However, you won’t have to pay for appraisal fees, loan discount fees, application fees, credit report fees, and more. Plus, you’ll receive 100% of your cash offer when you close rather than having your buyer deduct their closing costs from your payment. 

Benefits of Selling for Cash

There are many benefits of selling your house to a cash buyer. Cash buyers can help you to save time and money as you’re selling your house. Usually, they won’t require you to repair or inspect your home, which could save you lots of time and money. Additionally, many cash buyers don’t work with real estate agents, which means that you won’t be charged commission fees. This could save you 5-6% of your home sale price, which often equates to tens of thousands of dollars. When you sell your home for cash, the closing process also won’t take as long, which means that you’ll receive your cash offer much sooner. Overall, your house sale will be much more dependable without so many stressful risks and annoying demands. 

So, if you’re trying to save money on your house sale, remember that cash buyers can help you to save money during the closing process. They can also help you to save money during the selling process since they’ll buy your house without any repairs or inspections. If you have a strict budget for your house sale, a cash home buyer will be your best option.

Do you want to save big on your closing costs by selling for cash? Click here to get a cash offer today from Joe Homebuyer!

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