Closing costs are the miscellaneous expenses paid by buyers and sellers at the table when they’re either finishing or ‘closing on’ a house sale. In Houston, Texas, sellers often pay about 4% in closing costs, in addition to that 6% commission that you’re required to pay the real estate agent.
Selling my house in Houston, Texas, is never cheap. That’s why you are always encouraged to find proactive ways to save money whenever you get the opportunity.
Lynk Home Buyers can help you sell my home fast without breaking the bank. It’s very much possible to sell and close in a matter of days without paying all these different expenses that burden other sellers. But first, let’s learn more about closing costs in Houston, Texas.
What are closing costs?
To understand these costs, you first have o know how to define them. What’s closing? It’s basically the process of completely a home sale in Houston, Texas. and during that phase of the process, all the final paperwork are processed after being signed, the seller gets paid, and the homeownership title gets transferred to the buyer.
‘Closing costs’ are the fees that are associated with that process. In Houston, Texas, they come to about 4% of the final home sale price, and are typically split between sellers and buyers. Closing costs include:
- Title searches
- Credit reports
- Loan payoff fees
- Recording fees
- Title insurance
- Home inspections
- Mortgage payoff
- Outstanding balances
It’s easier for the seller to pay for his or her share of the closing costs because they can just deduct the fee from the sales proceeds. But that’s only if they’ve built up equity in the house. In general, closing costs for buyers are all about securing financing while costs for sellers relate to homeownership transfers.
Is the seller required to pay the buyer’s closing costs?
You are not required to pay any buyer’s closing cost when selling my home in Houston, Texas. However, if you’re transacting in a buyer’s market, you could find yourself in situations where you feel compelled to help the buyer out so as to close the deal. Think of it as a negotiation tactic.
And what does Lynk Home Buyers have to say about that?
We think you need to do you due diligence first before hitting the market. The market is not going to go easy on you just because you’re still new to selling or buying. Do your homework and make sure you know what to expect, before initiating any form of transaction.
In Houston, Texas, you’ll be required to pay at least 4% of the final sale price as closing cost. These fees will be paid on top of that 6% commission that goes to your real estate agent.
Selling my house in Houston, Texas, has always been an expensive endeavor. So as a seller, the savvy thing to do is look for ways you can save while selling. By selling my home to Lynk Home Buyers, you’ll be eliminating your overall selling costs.