Home Selling in Marlton>Question Details

Janelle, Other/Just Looking in

I have a potential buyer for my condo that is not yet listed. What are the associated costs for selling, ie, realtor commission, fees, etc.?

Asked by Janelle, Wed Feb 8, 2012

The buyers' sister is a realtor that would do the paperwork from the buyers' end. I have a friend that is a realtor as well, but I am wondering what other costs I have to factor into the mix when selling. It will determine what price we give the buyer.

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Mark McKenna’s answer
Janelle,

You have 2 choices to solve your problem. First off you could hire a local real estat attorney which should cost between $800 to $1000 or you could have an agent do the paper work for you. What I usually do in that is if that seller is buying a house from our firm we will do the contracts and process the deal as a courtesy for them to make there purchase experience is easier. If they are not buying a home we usually charge 750.00 to do the paperwork and attend closing. My office is right in Marlton and you could call me if you have any questions. I am currently away and you could contact my assistant Lucie at 856-983-0704 xt 117. Your total cost with no one involved shoud be about 1% of your sale price with the majority of the cost being transfer tax.

Thanks,

Mark McKenna
0 votes Thank Flag Link Thu Feb 9, 2012
If you have a buyer that you found, why not let an attorney write up the contract for you? Do you know the value of your home? The cost to sell has nothing to do with the value of your home.
Other expenses will be paying the realty transfer fee. The buyers pay everything else.
Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Feb 8, 2012
Janelle,

For starters, the costs/fees associated with selling your home include the amount required to pay off the liens on the real property, such as mortgages, judgments, taxes, as well as closing costs including but not limited to brokerage commissions, realty transfer fee, and attorney's fees. The commission fee is negotiable and percent agreed to is between you and the real estate broker you hire whether it be your friend or another agent.

Factoring in the costs and fees associated with the sale of your home, does not determine its price. What determines its price is recent sold comps of similar type in the same neighborhood. What you owe, what commission you are charged and any closing costs you pay unfortunately has nothing to do with what your house is worth. You need a real estate agent to sit down with you and show you sold comparable properties - that is what determines price, along with location and condition.

There's nothing that can compare to the services a real estate agent can provide you with, which goes way beyond just listing the home, but where did this buyer come from? Were you a for sale by owner? Did the buyer's agent (sister) bring the buyer to your home? Did you agree to pay the sister/agent a commission?

Do you have idea what your house is worth? I recommend contacting your friend who's an agent or other agents in the area and determine what your home is worth before proceeding.

Good luck.
0 votes Thank Flag Link Wed Feb 8, 2012
Janelle, depends on what you want to pay on commission. If it is not listed, there should be a commission break for you. Some condo and Home owner association properties require you to pay for a resale certificate which can be $100- $500+ depending on what your association charges. Buyer typically pays for inspections, and Capital contribution costs to start ownership.

I assume you may have to pay transfer tax which varies according area where the property is located. There may be tax certification and mortgage payoff fees. You Realtor friend should be able to guide you.

Congratulations and good luck,

Rob
0 votes Thank Flag Link Wed Feb 8, 2012
Hi Janelle, first of all, you do not want the Buyer's sister to do the paperwork. YOUR friend or an attorney should do that so that your best interests are protected. If your friend is a Realtor, you should give him all the particulars and ask him to a prepare a form called a Seller's Estimated Closing Costs. You will have to ask him how much his company will charge just for helping you out. May be as low as 1 or 1.5% or something. If the Buyer's sister did not attend the first showing with you, you have no obligation to pay her a dime. The Buyer can pay her sister out of pocket.

The Buyer's sister can guide them through signing the contracts when you have them prepared, scheduling how inspections, etc.

Have you reviewed/confirmed their financing? Have you received a good faith deposit?

Please feel free to email me in private if you need any clarification on any of this. Congratulations and good luck!

axelson@kurfiss.com
Web Reference: http://homefinder360.com
0 votes Thank Flag Link Wed Feb 8, 2012
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