Realtors’ Hidden Extra Costs When Home Selling
Selling your home shouldn’t be taken lightly; it’s a serious procedure in which a considerable amount of money is transferred in exchange for your valued property and home. Therefore, when selling your home, you have the right to know everything that comes with it: how much you have to pay for fees and commissions, the average time it will take to sell it, what’s for you to handle, and how much you should get involved.
Realtors have an obligation to be straightforward with their clients and disclose their prices when hiring their services. Doing so will save significant amounts of time for both the real estate agent and the client, plus they’ll be clear on where they stand.
However, not everything is clear. Many realtors choose not to advertise their commission rates to avoid scaring their potential clients away. A realtor’s sales commission is around 6% on average over the total sale. If you are about to choose a real estate agent to handle your house’s sale, be aware of what they offer and the percentage they charge.
What Payments Does The Home Seller Usually Cover?
Many people, when selling their homes, choose realtors, believing it’s their only selling option. But do they acknowledge everything that involves selling their home this way? Are most house sellers aware of what they have to pay? Is the real estate agent straightforward with his or her client? There are many frequently asked questions that realtors should not remain quiet about.
Let’s go through some of the costs home sellers are in charge of when selling their homes with the assistance of a real estate agent.
The real estate commission usually is the biggest fee to pay for the homeowner. This fee is not only destined for the real estate agent, but it’s split between him or her and the buyer’s agent. The percentage is usually around 5 to 6% of the sale price, meaning that if you sell your home for $350,000, $21,000 would be paid for commissions.
Homebuyers typically pay closing costs. However, the tables can turn, and the seller could be asked to cover this payment. Closing costs can include property taxes, title insurance, attorney fees, and homeowners association fees. In total it can add up to 2 to 4 percent of your home’s sales price.
Pre-Sale Home Inspection
Home sellers who want to be a step ahead and have more chances to sell their homes usually pay for a pre-sale home inspection, and it’s entirely optional. Taking this step involves finding out structural or mechanical problems that should be fixed before offering the home out on the market. The inspection could be worth around $400.
Paying For Utilities
This is a less common topic: who covers utility costs while your home is on sale? Since selling your home can take up to 90 days, and the closing date is around another 30 to 60 days, during that period, you have to pay for your home’s utilities. You want to make sure all services are working correctly at the time the new owners move in.
The Buying Tool That Will Save You Money
Fortunately, home sellers are not bound to sell their homes through a real estate agent. There are home buying companies that can buy your home directly without any intermediary. What does this mean?
- Get An Instant Cash Offer
That’s right. Unlike with realtors, you don’t have to wait for long months until you get an offer. Homebuyers give you a fair, written, no-obligation cash offer within 24 to 48 hours after they have gone through your case.
- Close In Seven Days
They can close in as little as seven days or on your timeline. This means you don’t have to spend any extra money on utility bills.
- No Paying For Commissions
Homebuyers don’t charge any fees for their services. It all comes included in the offering price for your home, narrowing the whole process and making it quicker.
- Selling Your Home As-Is
Another cost you will avoid is repairs. Homebuyers can buy your home regardless of its current condition, even if it requires specific fixes or if it needs to be thoroughly cleaned.
If you live in the Atlanta area and are looking for the best way to sell your home, at Bogino Properties, we offer what you need. Forget about the burden of selling your home with realtors, and enjoy the benefits that come with us. You have nothing to lose but everything to gain.