Selling Your House for Cash: Who Pays Closing Costs – Buyers or Sellers?

Selling Your House for Cash - Who Pays Closing Costs - Buyers or Sellers?

Often, home sales invite a lot of stress. It is common for sellers to miss several things. After all, they have to deal with real estate agents, attorneys, insurance companies, and potential buyers.  One of the things they frequently tend to overlook is the closing costs. 

Do you know that if you do not pay attention to necessary fees, you can jeopardize your home sale? 

Is it your first time selling your house in Michigan? If yes, then you should hire an experienced real estate agent. They will tell you everything about closing costs before proceeding with the selling process. 

If you want to sell a house fast for cash, hire real estate cash buyers in Michigan like Detroit Cash For Homes. We buy houses in Detroit, Michigan, as-is without prior home improvement. Also, we never ask for commissions, closing costs, or any other fees. 

If you decided to take the traditional route, here are a few things you should know about closing costs. With this information, you can decide if selling a house for cash is the right way to go.

  • What are closing costs?

Closing costs refer to the expenses that home sellers have to pay when closing their sales. These costs cover the home appraisals, title insurance, attorney fees, and taxes. Closing costs account for 3-6% of the sale price.  But one thing that most people do not know is who pays closing costs. 

The real estate industry does not have any rules about who is liable to pay the closing costs. The decision is made based on the negotiation between the buyer and the seller. 

  • Who pays closing costs?

As we mentioned already, closing costs are paid according to the terms and conditions agreed upon between the seller and buyer. However, in most cases, buyers have to cover most of the closing costs. On the other hand, sellers need to look after these costs. 

For example, sellers pay title fees, transfer taxes, recording fees, title insurance, and closing fees. Both title and closing fees account for 0.43% of the total sale value. In addition to this, sellers manage other charges such as attorney fees, recording fees, recordation tax, property taxes, mortgage payments, and so on. 

You can estimate the amount of money you have to invest when selling your home with a traditional method. 

However, if you cannot afford initial investments before selling your home, sell your house to cash home buyers in Michigan. Detroit Cash For Homes is a leading group of real estate investors. We buy houses for cash in Michigan without prior repairs and renovations. Also, we never ask for commissions, closing costs, and any other fees. This means you can sell your house without any hassle. 

If you are looking for the best real estate investors that offer fair cash for homes in Michigan, contact Detroit Cash For Homes. We buy houses in Michigan in any condition and make a fair cash offer within 24 hours. Call us to discuss your property.