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Mb, Both Buyer and Seller in Kansas

Is there an easy formula for calulating buyer and seller closing costs on single family home transaction?

Asked by Mb, Kansas Sat Feb 21, 2009

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I agree with Maria on the buy-side of the transaction: 2%-3%. It's roughly 8%-10% on the sell-side (assuming you pay 6% for commission, 2%-3% for the buyer's closing costs, and 1%-2% buffer [for the just-in-case expenses that sometimes pop up on the back-end of the deal]).
0 votes Thank Flag Link Fri Mar 20, 2009
To get a very rough, ballpark numberin your mind for general planning purposes, figure 2-3% of the final sales price.
0 votes Thank Flag Link Fri Mar 20, 2009
GREAT QUESTION:

Keep in mind if you are a buyer OR seller confer with CPA some can be tax deductions

Buyers closing costs:

a) Loan orgination
b) Title company
c) Insurance, taxes based on purchase price of home
d) Inspection paid direct prior to service
e) Appraisal paid prior to service

I have cut pasted below from a prior question I answered here on Trulia

All listing agent should review costs for a seller therefore you are not caught off by surprise. GREAT for you start working on estimates

a) Seller pay for realtors fees - listing and buyers agent
NOTE: realtors are paid at closing via the title company

b) Closing costs - seller has pay their closing cost covers title company fees

c) Average # of days - realtor would be able provide you this info. based on area

d) Repairs - buyer will normal request minor repairs best have these issues addressed prior listing home
of course some will disclosed inspection report

e) Mortgage amount - pay paid via title company closing transfers funds to your lender
f) 2nd lien - same as E
g) tax for 2009 - title company transfer tax amount to county of money owed while you owned home
h) liens - If you have any liens on property title company pays those

I believe I have covered majority of expenses
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 21, 2009
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