If you don’t have much experience selling homes, you might think that the price you and the buyer agree upon for your home is what you walk away with, minus whatever you might still owe on the home. As it turns out, that isn’t always the case. Selling a home often comes with closing costs that you’ll need to pay as well.
Common Closing Costs
There are a few different closing costs that a homeowner can be responsible for when selling their home. The first, and often biggest, is the commission earned by both the seller’s and buyer’s agents. Depending on the agreement you and the buyer come to, you may pay for things like their title insurance policy, as well as the property taxes and HOA fees if those haven’t been assessed yet.
Totaling It Up
The commission each agent earns is often around 3%, or 6% total for both. The median price of a home in Nevada is $358,400, which means you’ll be paying a $21,504 commission that gets split two ways. Title insurance can be between roughly $1,000-$1,500. Property taxes and HOA fees are often prorated, which means you’ll likely end up paying for the amount of time during the year for which you were the owner of the home. A year’s worth of property taxes on the median-priced home would be roughly $1,899.52, and a year’s worth of average HOA payments would total around $2,376. All in all, you’re looking at around $25,779.52 in these major closing costs alone, to say nothing of others that you might encounter.
It’s Different with a Cash Buyer
If all of that sounds like a lot of money that you’re losing out on, not to worry. It’s different when you sell your home to a cash buyer like Sierra Housing Solutions. We’re committed to making the selling process go quickly and smoothly, and for you to walk away with cash in your pocket. Don’t want to deal with closing costs? Then don’t. Sell us your home for cash and we’ll take care of any and all closing costs for you.
Closing costs often come with the territory of selling a house. That can definitely eat away at what you could otherwise expect to take home with you. That is, of course, unless you choose to sell your home to a cash buyer. At the end of the day, you could walk away with more money in your pocket if you sell your home to us at Sierra Housing Solutions. Now isn’t that worth giving some consideration to?
Ready to see what you can get for your home? Get your offer from us today!
