Selling to Cumberland REI vs. listing with an agent
Advantages of Selling to Cumberland REI
| Selling with an agent | Sold to Cumberland REI | |
|---|---|---|
| Commissions/Fees | 6%Â of sale price on average, paid by you | $0 |
| Who Pays Closing Costs? | 2% of sale price on average, paid by you | $0 – We pay all closing costs |
| Financing Contingency* | Yes, up to 15% of sales fall through | None |
| Appraisal Needed* | Yes, sale is often subject to appraisal amount | No, because we buy with cash |
| Average Days Until Sold | +/- 95 Days | Immediate Cash Offer |
| Number of Showings | Sometimes dozens | One (Just us) |
| Closing Date | +/- 30-60 days after accepting offer | Flexible, based on your preference |
| Who Pays For Inspection Repairs | You | We don’t ask for any repairs to be made |
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* Most traditional house sales include bank/lender financing as part of the buyer’s purchase funds, and the financing contingency means if the lender cannot approve the loan to the buyer, the buyer can cancel the purchase. Sometimes this happens just days before the scheduled closing day.
*The appraisal is a 3rd party report about your house that the bank/lender requires in order to determine the value of your house. If the appraisal amount is less than your contract price to sell the house, the price will have to be reduced to the appraisal amount, because that is all the bank/lender will give the buyer for the purchase.
Here at Cumberland REI, we don’t use bank/lender financing, so you don’t have to worry about our ability to close on the purchase, the purchase terminating at the last minute, or the price changing at the last minute.
