Home Selling in 60636>Question Details

Re, Home Seller in Chicago, IL

WHAT WILL BE MY CLOSING COST TO SELL MY PROPERTY IN CHICAGO I OWE 123,000 BUT I WANT TO SELL IT AT 155,000?

Asked by Re, Chicago, IL Thu Dec 11, 2008

SETTLEMENT CHARGES ABD SELLERS PROCEEDS

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3
Both answers by Tom and Wayne hit the nail on the head. You should be in good shape for knowing your settlement charges.
0 votes Thank Flag Link Sun Jan 25, 2009
Tim's answer is very good. Could also be Taxes not yet paid or escrowed, and pro-rated to the day of closing. Also, Mortgage Payoff will be provided by your lender at close. More items could be out there depending on property type. Usually assessments for condos will be prorated to the closing date.
0 votes Thank Flag Link Thu Dec 11, 2008
Home Seller,

The typical costs that aggregate to the seller are (this is not a complete list nor is it intended to be complete guide):

Transfer stamps @ $3 per $1,000 (@ $150k this cost is $450)
Attorney fee @ between $400 - $750
Title insurance @ between $500 - $1,000
Real Estate Marketing Fee @ 4% - 7% ($6,000 - $10,500)

There may be additional costs. You may wish to discuss with your lawyer. You also may wish to discuss with your real estate professional what the most recent and accurate pricing for your home is with respect to comparable properties. Setting your price on the basis of what you need and what you want is not the best manner in which to establish pricing.

All the best!

Thomas McCarey
Certified Luxury Home Marketing Specialist
Accredited Buyers Representative
@properties & The Real Estate Lounge Chicago
0 votes Thank Flag Link Thu Dec 11, 2008
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