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Selling to a Home Buying Company – What are the Costs?

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When you sell your home, you would think that all of the cash flow should be streaming in your direction. Unfortunately, that isn’t typically the case. There are major expenses associated with home sales, some of which have to come straight out of your pocket. But what do you do when you don’t have that kind of cash on hand? Thankfully, you can keep your money right where you need it when you sell your home to a home buying company.

No Repair Costs

One of the biggest out-of-pocket expenses you can expect to pay with a conventional sale is repairs. On average, a standard seller takes care of over 20 repairs before the sale is complete. That is a lot of money to dish out simply to attract buyers and pass the inspection. When you sell your home to a home buying company, on the other hand, you don’t have to worry about repairs. Home buying companies will buy your home exactly as it is, regardless of the condition.

No Realtor Commissions

Realtor commissions might not be out-of-pocket expenses, but they are staggering. If you sell your home the conventional way, plan on losing around 6% off the sale price to realtor commissions. While 6% may not sound like much, it adds up to $30,000 on a $500,000 home. Compare that with zero dollars in realtor commissions when you sell to a home buying company. No realtors equals no fees, period.

No Closing Costs

You’ve already hypothetically saved tens of thousands of dollars on repairs and realtor commissions, but the savings don’t end there. Additionally, most home buying companies will take care of the closing costs for you. At 2-4%, you could be saving up to $20,000 on a $500,000 home. Best of all, closing takes place at a reputable title company near you, on your timetable. 

When you sell your home the conventional way, the costs can be completely overwhelming. Thankfully, you do have choices. Choosing to sell your home to a home buying company means that you don’t have to pay a penny, out-of-pocket or otherwise. There will be no repair costs, no realtor commissions, and no closing costs to worry about. Instead, get ready to close fast with a fat wad of cash in your pocket!

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