The major closing costs for a Seller in San Francisco will be:
* the commission,
* the City/County Transfer Tax (approximately 0.68% of the sales price if under $1million),
* the costs of any home preparations (staging, handyman fix-ups, pre-sale inspection, etc),
* and the SF Energy/Water Compliance Work, if any (smoke detectors, water heater strapping, low-flow toilets, etc).
Here is a closing costs calculator. Keep in mind that not all items will apply to the sale of a Soma condo. I'd be happy to run a more accurate net sheet for you if that would help.
Also, below is a link to where you can calculate your SF Transfer Tax.
The good news is that almost all of your Seller Closing Costs are paid from the close of escrow, as opposed to up-front. Your Realtor works on contingency and is only paid if/when you successfully sell your condo.
If I can help further, let me know. We are well-versed in the Soma market and would be happy to discuss your situation to see if we can help.
Underground Storage Tank Inspection $75 (may already be on record))
3R Report $160
Water & Energy Compliance $230 ( may or may not need additional work - but most likely not)
Contractors Inspection $500 (not all homes require it)
Pest Inspection $100 (not all homes require it)
Copy of CC&R's & Bylaws from your HOA management company $300 to $500
Staging TBD (not all homes require it)
My Commission Schedule is 5% total - 2.5% for each side.
Title & Escrow Fees $100
Sale price less than $250,000 - $2.50 per $500
Over $250,000 but less than $1 mi - $3.40 per $500
Over $1 mil - $3.75 per $500
I hope this helps. Please call me if you would like to discuss the sale of your SoMa home further. I would be pleased to provide you with a reliable comparative market analysis.
I can provide you with a HUD statement which lists all your costs if you had a particular selling price in mind. This breaks down, not just the commission but also the county/city taxes and such. If this is a short sale, I've done numerous and not once have any of my clients have had to pay anything out of their pockets. Feel free to call or email me for further assistance.
That said the brokerage fee and transfer taxes are the largest part of your costs. The brokerage fee is negotiable and has stratagies that can be used. The transfer tax is based on the sale price. Contact an agent to sit down with you and go over your situation with you.
BTW don't be impressed by "seeling for more than asking". It's pretty easy to price below the market and in many cases a good idea. Also remember that in the end the market price is set by the buyer that is willing to buy your property. Everything else is just analysis of history and comparable properties.
As I see, you got all good anwers from my colleagues...
I've just sold 2 bedroom condo at 155 Harriet # 13 ( over asking price) .You can go to the property website to see how it looks like.
Let me know if you you would like to interview me and I can tell you what I can do to get your property Sold.
Depending on where, when and what you're moving to, you might want to allow some extra for storing your furniture, since staging really is generally the best way to go.
You might want to allow some extra cash for visiting a shrink during the selling process. It's as stressful as buying :-)
Transfer tax is second - Lance has the calculations below - but to ball park it just figure is roughly 7/10th's of a percent (.068 for the $250k to $1m range).
Staging & home prep - this can be very minor, or it could cost $5,000 or more depending on your home's size and your needs. Heck, a paint job can run into the thousands depending on what you need - and paint and staging usually get the most bang for your buck. We can advise you during an interview what you might need and potential costs and benefits.
You may find that you have debits or credits when it comes to HOA dues and property taxes depending on when you sell and when you are paid through. You may also have HOA transfer fees or move out charges. But again, commission and transfer tax are the big ones.
If you add it all up and find yourself "short" of what you owe on your loan, then you are in a Short Sale situation. If you are please call or email me to discuss offline and I can explain the nuances of Short Sales and how you may be impacted.
Lastly - if you don't yet have a Real Estate Agent I strongly recommend interviewing at least 3 until you find one you are comfortable with. My partner and I also know South of Market very well so we too would be happy to be a part of your interview process. Call or email any time - our site or profile has our full contact details.
Your biggist cost is commission - 5% or 6%. Next comes Transfer Taxes which depend on the selling price. $6.80 per thousand dollars from $250,000 to $999,999. $7.50 per thousand for properties sold over $1,000,000 up to $4,000,000. Over that it is $15.00 per thousand.
Then you would have loan payoff fees which range from $29 to $100 depending on your bank. Also if you have a second loan, there are fees to pay that off as well. Plus some smaller fees like recording, notary, etc. which could come to $100 or so. Your HOA dues and property taxes are pro-rated depending on your close date. You will have to have a water inspection (about $150) even if the building is energy exempt. If your toilet is not 1.5 gallons, you will have to replace it or leave money in escrow to do it. (SF is trying to make money any way it can.) If you purchased over one year ago, you will have to have another $160 3R Report and $79.95 JCB & Cal Tax Data. You can use the energy inspection that you received when you purchased. Same with tank inspection if your building needed one.
If you decide to stage your unit, this will add to your costs as well. There are many wonderful stagers and their costs vary. Perhaps you only need a spiffing, which would cost much less.
All of us are happy to go over these in more detail - but these are the basics. Your agent pays for advertising, brochures and disclosure packages etc.
In San Francisco buyers pay the escrow and title fees, and other than a few minor documentary costs the seller costs are commissions and transfer tax. Transfer tax rate depends upon sale price as follows:
More than $100 but less than or equal to $250,000 $2.50 for each $500 or portion there of;
More than $250,000 but less than $1,000,000 $3.40 for each $500 or portion there of;
$1,000,000 or more $3.75 for each $500 or portion there of.
We not only do a lot of business in SOMA but I live there as well, and happy to give you a no-strings consult/evaluation of your property and/or a sample marketing plan.
Lance King/Owner-Managing Broker