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What Homeowners Should Know about Commissions When Selling to a Fast Home Buying Company
batemancollective • Apr 15, 2022
When people talk about selling a house and the money involved in it, the focus is on how much they can get for the house. If the costs associated with selling a house come up, it’s usually in the form of a discussion about what was spent on renovations and repairs. By comparison, commissions tend to be a topic that is more commonly glossed over.
What Is the Purpose of Commissions?
The whole point of commissions when it comes to selling a house is to pay a real estate agent for their time and efforts. Real estate agents don’t charge an hourly fee. They do still have to get paid for the work they do though. Depending on the house, that can be a considerable amount of work.
How Much are Commissions?
Commissions are percentage-based on the selling price of a property. Therefore, the higher the sale price, the higher the commission. There is some room to negotiate the percentage rate, but it’s not uncommon for commissions to be anywhere for 3-6% of the cost of the house. That can add up pretty quickly, especially if there is a buyer’s agent and a seller’s agent. You’re easily looking at thousands of dollars.
Do I Have to Pay Commissions?
Typically, commissions are paid for by the seller of the house. It’s often taken out of the money paid to the seller in exchange for the house itself. If the idea of losing thousands off of what you’re getting for your house has you feeling uncomfortable, there is some good news. When you sell your house to a fast home buying company, there aren’t any real estate agents involved. Without any agents, there is no need to pay anything out for commissions. That’s right: not even a single penny.
There are more costs that go along with selling a house than people sometimes think. It’s easy to make the mistake of not thinking about those costs when you start planning to sell your house. Of course, you can avoid a significant portion of those costs, including commissions, when you sell your home to Joe Homebuyer Dallas. With the chance to avoid commissions, closing fees, and the cost of repairs, what do you have to lose?
Do you have questions about selling your home for cash? Joe Homebuyer Dallas has answers! Click here to find answers to some of the most commonly asked questions today!
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