Drew Hitt,  in Virginia Beach, VA

How much does it really cost to sell a house in this current market? On say a house comped at $200,000?

Asked by Drew Hitt, Virginia Beach, VA Sat Jun 27, 2009

Presuming you only owe $100,000. How much are you likely to walk away with?

Help the community by answering this question:


From a buyers perspective, these are really significant costs.

My only complaint is that many costs are percentage based when they could be sliding scale or flat rate.

Do the true selling costs really double for a $400K house over a $200K house?
0 votes Thank Flag Link Tue Jun 30, 2009
The reason I ask is to get the opinion of professional Real Estate Agents and Realtors on the true costs to sell.

It costs more than the 6% marketing fee agents charge. Bill and Nancy both touch on it a little.

Maybe the best answer would come from a Buyers Agent in this market. What discount are typical Buyers Agents able to get for their clients in this changing market?

Buyers agents are seeing better the true cost to sell. They see the buyers discount (you never want to pay full price, 3 - 5%, depending on the area), closing cost assistance (upwards of 3 - 4%), seller side closing costs (1%), deferred maintenance, then agent commission (6%).

So let me ask, of all those True Buyers Agents out there, are you getting your clients typically an extra 8 - 10% seller concessions?

A good "rule of thumb" may be 10%, but wouldn't you agree to expect a 15% cost if you don't have an absolutely model quality home?
0 votes Thank Flag Link Tue Jun 30, 2009

Why do you ask?

Do you think the 10% figure is reasonable for the 200K range?
0 votes Thank Flag Link Tue Jun 30, 2009
Here is what I hope will be some useful guidelines of anticipated seller's costs in today's market: Broker commission is negotiated by each broker as a percentage of the sales price. Buyers are typically asking for sellers to give closing cost assistance ranging from 3% for a conventional loan, and up to 4% for VA loans, Sellers may also be requested to provide a Home Warranty which will likely cost in the $350-$400 range. A Termite/Moisture Inspection is generally paid by the seller, even if the buyer chooses to select the company and will likely be under $100. Property Owner Association Resale documents, if you live in a neighborhood with an Association, or Condominium, can run up to $250 and in Virginia the payment may be deferred until settlement, but are a seller's expense. Your Settlement Agent or Attorney will have a fee to prepare the Deed and other closing documents and I recommend you look into getting several quotes for these services. Inquire about additional courier and recording fees. There is also a Grantor's Tax which is paid by the seller. A helpful "rule of thumb" in making overall estimates is to plan to budget approximately 10% of the total sales price by the time all of these are added up. Once you have that total you deduct your current mortgage pay-off from the sales price and, of course, any repairs required upon the Property Inspection. Thanks for asking a great question!
0 votes Thank Flag Link Sat Jun 27, 2009
This is a tough question, But basically after commission and seller closing cost you are looking at around $87,000. Of course I did not factor in seller contribution for buyers closing cost, Home Warranty, POA Resale packet or if there are any termite repairs or Home Inspection repairs. So as you can see there are many factors that play into seller net proceeds.
0 votes Thank Flag Link Sat Jun 27, 2009
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