When you’re thinking about selling your home, there are a wide variety of things to consider such as the current real estate market, the type of home you’re selling, where you want to move to, and of course, how much money you’re able to get for your home.
But what about the actual processes? Getting through the sale, negotiations, and seller’s closing costs are a few. From buyer concessions to the escrow process, there’s a lot to consider when selling a house.
What’s Offerpad’s Closing Process?
After you’ve requested an offer, received the contract, and signed, we begin the process of finalizing your sale. Our streamlined and largely digital and remote closing process starts with a virtual meet and greet with your Offerpad Transaction Manager, this is the person who will be helping you through your home sale from that point.
Once escrow has been opened, the Transaction Manager will be in contact with you to schedule a home walkthrough, which can now be done virtually in many cases, to discuss other Offerpad exclusive real estate options such as a free Extended Stay and a Free Local Move. In addition, you’ll get to pick your own closing date and coordinate your move so that it works best for your schedule. Eventually, when everything is all set, we can even sign documents with you through remote and paperless, no-touch digital processes that make closing even more convenient for you.
Traditional Real Estate vs Offerpad
Selling your home the traditional way can be a hassle. Between preparing the home for the traditional listing with professional photos, deep cleaning and staging, and making home updates and repairs, this might just be a process you want to skip altogether.
Offerpad functions differently. Our solutions are specifically designed with your convenience top of mind. Whether you choose to sell directly to Offerpad or take advantage of our unique home listing opportunity, you won’t have to deal with normal traditional sale sticking points. For example, when you list to sell traditionally, the buyer often needs to sell their house in order to commit to their next purchase. Unless they, too, are selling direct with Offerpad, they have to worry about their traditional buyer backing out unexpectedly. If that happens, they likely have to pull out from buying your home and you’re left to start the selling process (and maybe you’re own buying process) all over again. Offerpad, on the other hand, buys in cash so our buying commitments can never fall through because of another potential buyer, giving you much more certainty and confidence in your sale.
How to Calculate Home Sellers Closing Costs
Real estate closing costs are often thought of just as buyers’ fees, like for the mortgage loan, but sellers also have closing fees to be prepared for. When trying to determine how much you might bring in when selling your home, don’t forget to calculate for the seller fees that will need to be paid in the closing process. Some of the fees when selling traditionally include:
- Credit report
- Curative documentation and recording fees
- HOA Transfer and Capital Contribution fees
- Home Inspection
- Mortgage payoff
- Municipal lien search fees
- Recording fees
- Settlement or attorney fee
- Survey fees
- Title search and insurance
- Transfer tax
When you choose to sell to Offerpad, you get to skip the deep dive into all of this as our purpose is to simplify this process. We do all the heavy lifting in the home close, allowing you to be as involved or distant as you’d like to be in your home closing.
Most Common Seller Closing Costs by State
Approximate closing costs vary by location and property – shown below you can find a list of states where Offerpad buys homes in over 830 cities, along with approximate closing costs when you sell your home to Offerpad in each market:
Document Stamp Tax (0.7% of purchase price), HOA Estoppel Fee, All Special Assessment
Closing Attorney Fees for any curative work, Mobile Signing Services ($275 base) (TitleVest), Property Transfer Tax (0.1% of the purchase price)
Deed & Docs Preparation ($350), State & County Excise Taxes, Deferred, discounted or rollback taxes, Local Conveyance Fees, HOA Demand Fees ($150 – $300), Property Tax Late Listing Penalties, Confirmed Special Assessments, Mobile Signing Services ($275 base) (TitleVest), All Confirmed Special Assessments
Deed & Docs Preparation ($350), Rollback Taxes (if applicable), HOA Transfer Fee ($100 – $395), HOA Capital Contributions, Recording Fees, Property Taxes, Curative Fees, Mobile Signing Services ($275 base) (TitleVest)
Title Insurance (.35% of Purchase Price), Settlement Fee ($500), Title Exam ($300), Attorneys Fee ($100), Wire/Courier Fees ($50), Recording Fees ($20 – $50), State tax/stamp tax ($1/$1,000 of Purchase Price), Assessment Letters ($50)
Title Policy, Escrow Fee ($475), HOA Resale Disclosure Fee ($250 to $700) (*Upfront Fee), HOA Transfer / Capital Contribution fees (in excess of $500), Survey (if Seller doesn’t have one from when Seller purchased the property) (if Seller provided a Survey that is not acceptable, Buyer pays for a new survey), Guaranty Assessment Recoup Charge (State Required ($4.50), Property Taxes, Curative Fees
Title Policy, Escrow Fee, Recording Fees, Property Transfer Tax, HOA Disclosure Fee & Resale Package, 50% of HOA Transfer Fee, 50% of HOA Community Enhancement Fee, 50% of HOA Capital Improvement Fee
Arizona: Title Policy, Escrow Fees, Recording Fees, HOA Disclosure Fee, Well Transfer Fee (if applicable), Septic Transfer Fee (if applicable), 50% of HOA Transfer Fee, 50% of HOA Community Enhancement Fee, 50% of HOA Capital Improvement Fee, Recon Tracking Fee
Other companies estimate the price they’ll pay for your home by looking at sales records, photos of the home, tax valuations, information from you about the home, and real estate statistics for similar properties in your area. Offerpad goes beyond the usual practices using a specialized team of local experts who provide valuable local insight. This gives Offerpad some of the most important perspective about the feel and future of the home and community, given that countless additional factors can only be understood in person by someone on the ground.
What are Home Sellers Transaction Fees with Offerpad
Offerpad allows you to skip the hassles of listing your home. However, once we buy and list your home, we’ll need to pay all of the normal transaction costs that come with selling a home—including a commission to a buyer’s agent, concessions to buyer, holding costs, maintenance fees, taxes and other costs to list the home.
How to Navigate your Home Close with Clarity
Buyers and sellers both usually have a list of closing fees associated with buying and selling a home that are noted in the purchase contract. Offerpad is happy to help you get an estimate of your net proceeds by gathering information and assessing what the title company and attorney’s fees would be for your home’s sale. This will give you a clearer picture of your financial obligation as the home seller so you know what your final net earnings could be.
Closing your home sale can be stressful, but it doesn’t have to be an all-consuming task that keeps you guessing. Let us work with you to bundle all the moving parts so you can enjoy an easier home sale. Selling to Offerpad puts you in control and provides the least invasive, and fastest sale possible which keeps your desires at the forefront.
Request a free no-obligation cash offer at Offerpad.com. We’ll be with you in 24 hours or less with the most certain and convenient home selling solutions.