Once the big decision to sell your home has been made, the next step is deciding how to sell. When making this decision, it is very important that you understand all of the costs involved, some of which a real estate agent may not provide up front. In this article, we outline four costs homeowners face when selling with a Dallas Fort Worth real estate agent
Real estate agent commissions are among the highest cost homeowners face when selling with a real estate agent. These commissions are based on a percentage of the sale price of your house. Typically, you will find the commission at 6% (3% is paid to the buyer’s agent and 3% is paid to the seller’s agent). Many people are unaware that the seller pays for both sides of the commissions (buyer’s agent and seller’s agent), so if you sell your house for $400,000, you would have to pay $24,000 out of your proceeds in commissions alone – along with the traditional seller’s closing costs and other transaction fees.
Depending on the age of your home and how well it’s been maintained, it may be wise to have your own inspection performed, prior to listing. By being prepared ahead of time, a professional inspector can help you understand just what you may be facing, in terms of a traditional real estate transaction. If the inspector should find something wrong with the property structure, or other issues with the property that need repairs, the buyers may require you to fix it out of pocket before the property closes. The potential costs can run into the thousands and become yet another expense homeowners face when selling with a real estate agent, possibly even more than the commission you’ll pay to the real estate agent.
Advertising can be a rather expensive aspect of costs homeowners face when selling with a Dallas Fort Worth real estate agent. Listings typically include high-quality professional photography, so that the listing stands out among the competitors on the top internet pages for home searches, including the MLS. When working with top producers, you can expect staging to be another item you will be responsible for within the advertising budget. Be certain you carefully review this section of the listing agreement with the agent and ask questions about anything that isn’t set with specific limits. Their version of updating the property and what you have agreed to perform in order to meet their standards, with an unlimited budget, may not meet with the realities of your checkbook.
If you make the decision to move into a new house before your current house is sold, you will be responsible to carry the expenses for both properties for an indeterminate period of time. Many sellers find their home is stagnating on the market while they sink under their monthly bills. Sadly, while real estate agents can lay out all the plans to sell your home, the one thing they cannot guarantee is that your property will sell. This can lead to your home painfully lingering on the marketplace, which in itself becomes another cost homeowners face when selling with a real estate agent. Additionally, traditional sales contracts usually include provisions for buyers receiving approval for a loan from their lender, allowance for the mortgage underwriting time, and property inspection. Last but not least, your buyer may not end up qualifying, in the end, leading to starting your listing over again and an even longer period on the market.
Why spend a fortune when there is no guarantee your property will actually be sold by an agent? Work with Dallas' Best Home Buyers and avoid all of the expenses homeowners face when selling with a Dallas Fort Worth real estate agent. By selling directly to Dallas' Best Home Buyers, you will not need to worry about commissions, broker fees, paying other professionals, repairs, or advertising! At Dallas' Best Home Buyers we are happy to discuss these and other reasons why it is better to sell your house directly. Please send us a message or give us a call today at (972) 309-9500.