Hey, this is Mike from Mike buys houses here, this is a quick article about the different costs that are associated with selling your property, to traditional a homebuyer using a realtor vs selling to me at no cost and will help you figure out how much money will I make selling my house?
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So the first thing is that, you need to check out what the fees are going to be, when selling with the realtor. So if you look into it, most times realtors are going to charge anywhere from 4 to 6% in order to help you facilitate the transaction of selling your property.
And honestly, that’s kind of a bargain.
If you watch my video on selling your house without a realtor, you’ll learn all the different things that realtors do to help you sell your property.
And it’s a lot of things, as far as marketing your property and dealing with all the potential buyers and, weeding out the people who aren’t real buyers and helping you negotiate with them, it’s a long process. There’s a lot that needs to get done, so really, to help you facilitate that process, they’re giving you a pretty good price, but it is a price that you need to consider.
So, think about it as anywhere from $4000 to $6000 for every $100,000 that you’re going to sell your property for – that you need to account for either in equity or money that you’re going need to bring to the table.
The second thing that you’re going to have to consider when you’re selling your property traditionally is the repairs that it needs. So you’re going to have to be able to pass the certificate of occupancy in your area.
In order to sell the property traditionally and depending on the type of loan that the homeowners getting who’s buying the property, there may be more stringent requirements that are needed in order to sell the property and get financing. You’re going to need some money and time in order to take care of that.
If you’re going to be selling your property traditionally, you’re also going to have to work on some staging. You want the property looking good!
There are certain things to help with selling the property, for example – you are going to want to clean and have it smelling good, not cluttered or anything like that.
And you’re also going to have to consider landscaping. That’s another thing that you’re going to have to consider. It is very important to have good curb appeal when trying to sell your property. It is like the good smells you notice in a bakery – it is what attracts you to the counter to make a purchase. So you want curb appeal on point when trying to sell your house.
Demand for your house is going to be based on the marketing and the photos that are done. And that really requires good curb appeal. That’s really going to help attract the buyers. And if you aren’t able to attract buyers, then it’s going to be difficult to sell the property for the amount of money that you want, so it’s important to consider the other costs. So that’s going to be repairs, landscaping and curb appeal and staging costs when selling your property.
Traditionally, those are the costs to sell your property as far as clean-up and repairs go -whereas if you were selling a property owner or a property buyer like me, you don’t have any of those costs I buy, as is in cash and fast and as well. I also buy on terms, which also allow me to, sometimes pay more than the property’s worth and pay you interest on your money.
The third thing that we’re going to talk about is closing costs and all the fees that are associated with selling your property traditionally, and so the closing costs can be pretty significant. This will impact your thinking when you are considering how much money will I make selling my house?
There’s a bunch of different categories that make up what closing costs are going to be. Up to this point, you’ve already paid the, realtor fee, which is going to be anywhere from 4 to 6%. And then also, you paid staging, landscaping, and repairs that could be anywhere, usually $500 to $7,500 depending on what repairs your property needs in order to pass the Certificate of occupancy to be ready for buyers in that kind of situation.
But now you’re considering the closing costs. So what’s included in that?
If you want a real in depth analysis, you can check our article out closing costs in Philadelphia.
It’s goes into all the costs that are associated in your closing costs and how you can save money on some of them even, but what’s in there?
Basically, a real quick rundown – that’s going to include your loan costs, your lender charges like the different insurances that they charge, your title and settlement charges like title insurance and stuff like that and actually running the process of selling the property and paying for that and then your government charges like the taxes.
Lastly, you’re also going to consider seller concessions, which usually you’re going to have to pay. In the end, you’ll find that out at the closing table (or right before!) Usually, after inspection, if there has been anything found then homebuyers are going to ask the seller for some type of concession, depending on how hot the market is.
Total Cost to Sell Your House
Finally, when you consider all that combined, that’s going to be about 9% in cost in order to sell your property, depending on what condition it’s in. So, if it’s in worse condition and requires more repairs, it’s going to cost even more money.
But this is just looking at the actual cost to sell your property.
Traditionally, (Not repairs or updates) the traditional closing costs that are associated with selling your property. So, if you don’t have a lot of equity, you may have to come out of pocket for some of this. And that reason is one of the reasons that homeowners reach out to us about, and I do refer them to the closing costs article because there are tips to save money on your closing costs.
Granted, it’s marginal because there’s only so many ways you can cut costs there, but I do send them to that if that’s something you’re looking for.
If you’re looking to sell your property, you can definitely reach out to me at 267-984-4765. And I can help you evaluate what’s going on. And, maybe what’s the best move for you. So, if you’re wondering what value I can bring you after reading all those things, that are associated with the cost to sell your property traditionally, I want you to know that I can cover all those costs.
I will absorb all that, and you will sell your property quickly and easily so you can reach out and give me a call. 267-984-4765
We look forward to helping you