Today, I wanted to talk to you about something that comes up when talking to homeowners, and that is cost. I want to touch upon all the costs that can come into play when selling on the market and a lot of those costs people do not really think about. You probably are familiar with the traditional costs like the real estate commissions that you will have to pay and closing costs, but there are other costs beyond that. But first, if you ever need to sell your house fast, or you just want to talk about a question that you might have, please do not hesitate to contact us today or give us a call at 586-991-3363 We are here and happy to help. Are you wondering if you should sell your house in Detroit? Typical home sales lead to many expenses, some of which you might not even have thought about. Whether you decide to work with a professional real estate agent in Detroit or sell on your own, you are more than likely to have to pay many if not all of these expenses. Below, we will discuss five costs you may not be aware of when selling your house in Detroit.
Watch this video for 5 costs you may not be aware of when selling your house in Detroit MI
Commissions and Fees
So, let’s dive into it. First, as I mentioned, let’s discuss real estate commissions. Typically, you’re going to pay out of your proceeds from the sale of your property about 6% real estate commissions. That is 3% of the buy-side and 3% of the sell-side. Now 6% is a pretty heavy fee. Let’s say just as an example, you are selling your house for $100,000. 6% of that is $6,000. So, $6,000 coming right out of your pocket.
Along with the traditional commissions that real estate agents charge, there may also be fees charged for the brokerage services and other costs associated with using an agent. Even if you sell on your own, a buyer is likely to be working with an agent, who will take the commission from your profits. These commissions and fees can run into the thousands and are something you may not be aware of when selling your house in Detroit.
Marketing
Another item to consider is marketing. If you go on the real estate market, you now have to worry about marketing the house, especially if you are considering selling the house yourself in a For Sale By Owner also known as FSBO. A lot of times it takes time and it takes money to market your house. A lot of people just think, put it on Zillow myself or the real estate agent will take care of it. Excellent real estate agents will actually market the property, and they may have you pay for some of that marketing. You can avoid all of that cost by calling us and having us help you sell your house fast in Michigan.
Marketing is what listing is all about and while yard signs may bring in buyers, the internet is the new highway that brings buyers to your door. Besides the inconveniences of showings, successful marketing comes with costs you may not be aware of when selling your house in Detroit. In order to compete, online listings require high-quality photographs, submitted by a professional photographer. This may also include the services of a professional drone pilot for virtual tours given today’s high demand for this feature on listings.
Repairs
Prepping your home to be in selling condition may be one of the largest and most stressful of the costs you may not be aware of when selling your house in Detroit. When the last thing you want to do as a seller is to invest even money into the house, this is just what you may end up having to do. Inspections can deliver some very expensive news, especially in older homes. Structural issues, foundation, or even plumbing problems can literally run into thousands of dollars. Any known issues with the home must be disclosed. If you aren’t able to afford the repairs, be ready to deduct the costs from your asking price.
Often, if you try to sell on the traditional real estate market to a buyer that is using a mortgage, they are likely going to expect those repairs to be done. Now, whether you have a massive repair that is needed to be done to the house or even just slight repairs that the buyer does not want to make themselves, they may want you to make those repairs or come to the closing table with the cost of those repairs. When you go with someone like us, we do not require any repairs at all. We buy houses as-is in Detroit MI, which means we’ll buy in the condition that it is in when we see it. We do not require you to make any repairs and we do not ask you to put any money upfront. So that is another benefit of going with a company like us here at Amaze Properties LLC.
Holding Costs
Holding onto a property that is lingering on the market carries costs you may not be aware of when selling your house in Detroit. One delay could be caused by your buyer being denied financing. If you’ve moved forward with plans and relocated, holding the property is a burden and adds greatly to the listing costs to expect when selling your house in Detroit. Now, to avoid them there is another option to sell your home quickly, with a defined closing date and firm offer from Amaze Properties LLC!
For example, when you sell your Detroit house fast to us at Amaze Properties LLC, we typically have a closing date that is a maximum of 30 days out. So, if for example, it is the beginning of January or the beginning of February, by the end of February we will buy your Detroit house. So, we buy houses fast in Metro Detroit. We will close on that house fast which is one of the benefits of going with us, a quick close. We also buy houses with cash so there’s no chance that a bank will deny the closing. Now when you go sell on the real estate market, often you’re waiting 60, 90, or even 120 days before that house closes. So that is 60, 90, 120 extra days of holding costs that you have to pay such as your taxes, your mortgage, and your utilities. And with bank loans like most buyers have, you have to worry about the buyer not getting approved. You can save all of that holding costs and hassle with a quick cash house sale in the Detroit area.
Closing Costs
Next, that brings me to closing costs. Again, you will be paying some closing costs. Typically, on average, it is around 2% to 3%. Those are the closing costs associated with title company fees, recording fees, and other costs such as those. So, you may have thought about those costs before and you’re looking to avoid that. So maybe that is how you stumbled across this video. Closing costs for the seller are also costs you may not be aware of when selling your house in Detroit. While some of these costs may be negotiated in the contract, you’ll be responsible for items such as the transfer tax and title insurance, there are also escrow and closing fees along with any HOA fees, attorney fees, and prorated property taxes. Some sellers also sweeten the deal to attract buyers by paying a credit towards the closing costs. That is another type of cost you can avoid by selling your house fast through a Detroit fast cash home buyer like us here at Amaze Properties LLC.
You could be facing a small fortune in costs that you may not be aware of when selling your house in Detroit. Why not avoid the listing costs you’d normally expect to pay by selling to Amaze Properties LLC instead? With a direct sale to Amaze Properties LLC closings are quick, usually within 30 days or less and you don’t need to worry about repairs. Amaze Properties LLC takes on the risks, buying your home as-is. Amaze Properties LLC even pays all of the closing costs.
So, if you want to avoid all of these costs, please do not hesitate to contact us. We look forward to hearing from you. And even if we are not the ones to buy your house, hopefully, we can help you in any way we can by offering advice, etc. That is what we are here for, we are here to help. Contact us today and we look forward to hearing from you and helping you the best way we can. Send us a message or call us at (586) 991-3363 today to find out more!