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Do Cash Home Buyers Have Closing Costs?

Jennifer Lovett

More Jennifer's articles

3 min read

When you’re selling your house to a cash buyer, a lot of the proceedings will be quite different than in a traditional home sale. You might wonder what closing costs you’ll need to anticipate in your cash home sale. Yes, cash home buyers do have some closing costs, but they are much more affordable than traditional home buyers.

Costs You Can Avoid

When you’re selling your home for cash, there are a lot of traditional closing costs you can avoid. For example, you can avoid one of the most expensive parts of closing costs, which is the real estate commission fee. Most cash buyers don’t work with real estate agents. This will save you from having to pay their expensive fees, which usually cost 5-7% of your entire home sale price. In that fact alone, selling your home for cash can save you tens of thousands of dollars in closing costs. Your cash buyer also won’t expect you to pay their portion of the closing costs, as many traditional buyers do. 

Costs You Can Anticipate

Even though there are a lot of traditional closing costs you can avoid when selling your home for cash, there are still a few costs you can anticipate. These costs allow for the legal and proper documentation of your sale agreement, among other things. For example, you’ll still likely need to pay for title work, property taxes, insurance, and transfer fees. You might also have attorney fees, escrow fees, and other closing fees. Make sure you budget for these closing costs when you’re accepting a cash offer. In all, your closing costs will likely be cut in half compared to the closing costs associated with a traditional home sale.

Why Sell for Cash?

In addition to saving big on closing costs, there are many other reasons why you should sell your home for cash. Cash buyers can help you to sell your home quickly and easily. Most cash buyers won’t require you to repair or renovate your home. Instead, they’ll simply buy it as-is. Cash buyers will also give you their highest possible cash offer that has been personalized for you according to the value of your home. They’ll use their personal funds to purchase your house and won’t back out of your deal since they won’t have any issues with financing. Selling your house for cash will save you a lot of time and money.

So, if you’re considering selling your house for cash and are wondering if you should anticipate closing costs, remember this article. While cash buyers do have some closing costs you’ll need to pay, you’ll still be saving tens of thousands of dollars on your home sale. This could help you to better afford your dream home in the future. 

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