So you’ve decided you want to sell your home, but have you taken into account all of the costs and fees associated with doing so? Many people sell their homes expecting to turn a certain level of profit, but after the process is completed, they wind up with thousands of dollars less than they were counting on. Knowing the fees and costs associated with selling a house will help you avoid seller’s remorse down the road.
Below are some of the most common “hidden costs” that are deducted from the contract sales price that you should be aware of if you are thinking about selling your home.
Common Hidden Costs of Selling Your House
- Mortgage Balance – this seems like common sense, but many people often forget that when they sell the property, the remaining balance on the mortgage is automatically deducted from the check you receive.
- Deed & Record Fees – transferring the title of your property requires an attorney, which costs money. When you sell your home, you as the seller have to pay for the preparation of the deed transfer. A deed must then be recorded in the county property tax records, which carries a fee as well.
- Real Estate Agent Commissions – unless you are doing selling your home yourself and not working with buyers agents, you are going to have to pay a commission to a real estate agent. Traditionally, if you are working with a real estate agent, you will pay 3-6 percent commission on your home sale.
- Escrow & Closing Fees – The title company will only release your title to the buyer once the both parties satisfy the contract terms. The title company typically charges for the service and the seller is who most often pays for it.
- Seller Contributions – sometimes buyers will have additional demands before they’re willing to sign the contract. If you are in a tight market, you may be forced to concede or let the sale walk. For example, buyers will often request that you pay all closing costs. This cost can be in the thousands of dollars.
- Repairs & Upgrades – Most buyers do not want to buy a home and then spend additional money making repairs and upgrades. Instead, they want a house that is move-in ready and will often require that you make them in exchange for signing the contract.
- Holding Costs – if you’ve moved out of the house already, but haven’t found a buyer, you may be paying for two places to live. Every month that passes could mean thousands in holding costs, slowly eating away your profitability. Additionally, keeping the lights and water on for showings can cost hundreds of dollars per month.
- And More!
Every home sale is different. In some cases, the costs above may not be applicable, but in other cases, selling your house could include all of these and more. Always do your research before entering into a contract to sell your home!
Selling Your Home With Lemon Houses
When you sell your home to Lemon Houses, you can avoid all of these fees. We will buy your property as-is. If you own back taxes, need to make expensive repairs, or you simply can’t afford to keep making the monthly payments, Lemon Houses can help you escape and move on with your life fast.
If you contact Lemon Houses, we will come out and inspect your home. We’ll make your our best cash offer and if you accept, we will pay you CASH in as little as a week. No repairs, not closing costs, and no lengthy sales process.
Contact us today to receive your written cash offer!