Are There Closing Costs When Selling By Owner in Bakersfield

Are There Closing Costs When Selling By Owner in Bakersfield?

When conducting a quick look at your home’s equity compared with your outstanding mortgage balance, you should avoid taking your Zestimate and running with it. While this could give you a good estimate, it’s still important to get a true appraisal for your house if you’re interested in selling by owner in Bakersfield. Keep in mind, you’re still responsible for closing costs, whether you hire an agent or not.

How Much Are Closing Costs?

Closing costs for sellers are approximately 4% of the total purchase price of the home. However, this doesn’t include a real estate agent’s commission fee. Keep in mind that over 90% of FSBO listings eventually hire a seller’s agent because the process is too overwhelming. If you decide to hire a seller’s agent, your closing cost can go up to 6-8% of the sales price. Therefore, in general, you should deduct around 10% from your equity payout. (i.e., the profit left over once everything else has been paid) to get a better idea of the numbers.

Even if you don’t use a seller’s agent, it’s a good idea to subtract the full 10% from your equity so you don’t run into surprises on closing day. This is especially true since you could face a prepayment penalty from your mortgage lender.

Are There Hidden Closing Costs?

closing costs when selling a house in bakersfieldHowever, there are more closing costs that sellers should factor in. You must consider the cost of hiring an attorney to sell your property and negotiate the deal. Likewise, recording fees must be paid to change the property’s legal ownership from your name to the new owner. Filing and transfer fees vary by county, but you should expect to pay anywhere between $100 and $500 for these fees, which will likewise be subtracted from your payout.

Although they are technically not a part of your traditional closing cost, you must factor in your advertising costs as part of the sale. Specifically, you must factor in the cost of getting your home “market-ready,” which includes the cost of repairs required after the home inspection is conducted.

Avoid Closing Costs By Selling To Top Offer Today!

You can keep more money If you decide to sell your home to Top Offer Today.

The best part about enlisting a cash buyer is that you do not have to hand over a large commission to your real estate agent. Therefore, you can save thousands of dollars by selling your home to a cash buyer. The sale happens quickly and on your timeline.

Even if you are considering selling your home without an agent, selling your home can still be costly compared with selling your home to a cash buyer. Specifically, even when selling your home FSBO, there’s a good chance that the deal could fall through because of the lender or an unsatisfactory home inspection.

However, by selling your home to an investor, you do not need to make repairs to the property. Top Offer Today buys your property as-is. This means that you do not have to waste your money on costly home-improvement or repairs.

With that being said, selling a house to a cash buyer comes with several benefits. If you are considering selling your home to a cash buyer, just make sure you do your due diligence. You could always use a reputable company like Top Offer Today. This is best to ensure that you’re getting a fair offer for your home.

Interested in Selling By Owner in Bakersfield?

Are you ready to sell your home today and save on your closing cost? Give us a call or fill out our form to get a free top-dollar offer.

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