Do You Keep All the Money When You Sell a House in Gaithersburg MD?
October 26, 2022
October 26, 2022
No matter how good the housing market is, selling a home in Gaithersburg MD is still a complicated process. And one of the most difficult to understand is the money aspect. On paper, it might seem simple. You sell your home, the buyers write you a check and the transaction is closed. But keeping money after the sale of your house is not automatic. Often, homeowners still owe on their loans and have to pay off their balance.
Let’s learn more about what costs are associated with selling a house in Gaithersburg and how to beef up your profits.
How Much Does it Cost to Sell a House in Gaithersburg?
Whether you’ve had your house for five years or 25 years, you’ve been paying down the mortgage ever since you signed the papers. Your mortgage is made up of the principal, taxes, interest and insurance, so your monthly payment is split between all four. When you go to sell your property, you will have paid down some of your mortgage.
However, keeping the money from the sale of your house is not always the case. Your profits come from how the money is divided among the following:
- Remaining loan balance. If your home isn’t paid off, you still have a loan and will need to pay this off.
- Closing costs. The average closing costs in Maryland are around 3.5 percent of the home’s final sale price. Closing costs are typically more for buyers, but sellers pay them, too.
- Real estate agent commission. If you hire a real estate agent to sell your house, you’ll need to pay them for their work. Realtor fees in Maryland are between 5 and 6 percent.
- Necessary repairs. Unless you sell your property as-is, you may need to make certain repairs. You may know of these repairs already, or they may turn up in your inspection report.
- Property taxes. Maryland home sellers are required to pay property taxes on the days they’ve owned their home in the calendar year. Taxes are split between the buyer and seller.
Can I Sell My Gaithersburg House AND Keep the Money?
Depending on your situation, you can walk away with a lot of money in your pocket – or barely any. The most cost-effective way to sell a property is to sell it for cash. While you are likely to take a smaller offer, you can close in two weeks and avoid realtor fees and commissions.
4 Brothers Buy Houses will make you a fair cash offer – and you get to keep it all! There are no fees or commissions, and we typically pick up closing costs. This eliminates the need to pay for a realtor, repairs, updates, etc. Everything is negotiable! Contact our cash buyers in Gaithersburg to get a free cash offer on your home!