Understanding the Process of Selling Your Home to a Home Buying Company

Understanding the Process of Selling Your Home to a Home Buying Company

The process of selling your home to a homebuying company can be one that is time-consuming, confusing, and fraught with pitfalls. With many people preferring an easier transition from renter to home buyer, the appeal of buying a home from this kind of company can seem undeniable. Here are a few things to consider before you sign on the dotted line. Find out more here https://www.atticushomebuyers.com/.

Real Value

The value of your home is determined by two things, the condition of the home and the location. You may be tempted to sell for the highest possible price, but you need to consider why you are selling your home. If you are in a hurry to move or desire cash now, then there is no reason to wait for a bidding war or other methods that generally increase value.

Renting Options

You may be tempted to sign on the dotted line right away, but renting isn’t always a bad idea. If you are homesick and choose to move back home, or in some cases the previous owner is making the transition back too and gives you an incentive, it can save you money. If you think your house will appreciate over time, consider renting for a better return on your investment.

Lender Fees

Homebuyers have a wide range of lender fees to consider, which are usually added to your loan. If you are considering a home buying company, it’s important to ask what they will charge you before signing on the dotted line. This can be anything from showing fees, credit reports and appraisals, and more. Some companies will also charge you extra for closing costs as well as other expenses that should be included in the sale price.

Not Your House

Not only is this your first home, but it will probably be one of your largest investments. If you’re not ready to sell in the near future, consider selling that luxury car or other belongings you don’t need. While it may be nice to have a new place to move into right away, you don’t want to overextend yourself financially.

Sales Tax

The sales tax you pay on a house is 2.9%, of which 1% goes to the federal government, 1% goes to your state, and the rest goes to your county. If you are purchasing a home that has not been previously lived in by a homeowner or an owner’s spouse, the sales tax will be refunded to you after closing.

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