Home Selling in Minneapolis>Question Details

Cat, Renter in Topeka, KS

What are the costs associated with selling a home besides the realtor commission?

Asked by Cat, Topeka, KS Thu Apr 18, 2013

If my house sells for $170,000 how much of that would be eaten up by the selling costs. (I may never buy a house again, it's such a waste of money from what i've experienced.)

Help the community by answering this question:

Answers

15
Certainly you can hit me up whenever Cat and I can do a basic ballpark figure without even going to the property. Heck that does not need any commitment just shoot me an email with the address. It would be no different than me answering all your questions on here hahaha! At least send you sold comps in the area and give a range for the neighborhood. If you want a full blown market analysis where I come out to the property that usually gets done during the interview stage, but it sounds like you don't really want that yet.

You definitely are stressed out right now that is pretty obvious. I know you are moving out of state so geez that in itself is pretty stressful! Much of selling a house is out of your control. Probably means about zero to you at the moment, but that is the truth what we can't control is not worth the emotional stress.

On the flip side you do have a lot of decisions to make coming up. What I really think is you may need a little direction at this time and that could help actually quite a bit.

Besides sending you sold comps and just giving you a piece of my mind on the market I am more than happy to give unbiased advice if you want it. You are not the only person selling their home and dealing with all the emotions that are going on right now. It may be just good to talk to someone.

~Chris
1 vote Thank Flag Link Fri Apr 19, 2013
You can absolutely ask an agent for their opinion on value without committing to use them. If you work with the right agent the process will be easy and comforting for you. Make sure you interview lots of agents and I think if you need a few to choose from there are some great ones here (present company included).
1 vote Thank Flag Link Fri Apr 19, 2013
Haha 4 pages! You Edina Realty people are nuts.
1 vote Thank Flag Link Thu Apr 18, 2013
It can vary quite widely. You will incur the broker compensation, generally a combination of broker commission and broker admin fee. Are there any deferred taxes or special assessments against the home? Those will be paid too. State deed tax will be about $580. The title company will charge you recording and closing fees. You may agree to pay for the Buyer's home warranty, $400-500. You will probably be asked to contribute towards the Buyer's closing costs - this can be as high as $10,200 (or 6% of the selling price).
0 votes Thank Flag Link Sun Apr 20, 2014
It will be anywhere between 4-7.5% depending on who you use and how much in closings costs. If you have any questions please call me anytime

Mark Abdel
Remax advantage plus
952-226-7700
licensed realtor
0 votes Thank Flag Link Sun Apr 20, 2014
You will probably pay 4-6% for the realtor on the buy and sell side so that is about $9000. Title closing costs will be around $1500. Then just factor in $500 in miscellaneous. So probably $12,000 on the high side. Call me if you want a free CMA on your home. I live in Minneapolis.
0 votes Thank Flag Link Wed Nov 27, 2013
Hi, Cat!
I'm so sorry you've had an uncomfortable experience with home owning. This time we've experienced the last few years is UNPRECEDENTED IN HISTORY! Now that the economy is turning around, many home owners should be able to crawl out of the hole. You are not alone.

As for the fees associated with selling a property, they can/do vary.
1. The buyer may ask for the seller to contribute to their closing costs
2. The real estate company may have an admin fee or a brokerage commission fee. Typically, those vary between $300-$500.
3. Depending on when you close, you may have to contribute toward that 1/2 year's taxes
4. Your mortgage pay off will continue to decrease the longer you're in the house
5. Real estate commissions to agents varies, too.
6. You will also pay State Deed Tax to the State of MN

There are others. Talk this over with a good and caring agent who can advise you based on YOUR needs.

Good luck~
0 votes Thank Flag Link Tue Apr 30, 2013
Cat, You can ask around different agencies on RE commission fees. You may want to call up a local title company as well to help with traditional costs to sellers. There are many online sites you can go to that will give you an estimate of the fees. Be sure your payoff is accurate from your lender, and you don't have any outstanding fees with them.. Many sellers are shocked when they get their pay off amount.

Have a blessed weekend.

Christina Solorzano;
CEO & SR Credit Repair Specialist
Everlasting Credit Repair
0 votes Thank Flag Link Fri Apr 19, 2013
can i ask a realtor to give me info on how much my house would sell for without committing to use that person? or do they not do anything until I sign with one of them? i'd like to get an idea of how much my house could sell for. i am really hating this whole process and i haven't even started it yet.
0 votes Thank Flag Link Fri Apr 19, 2013
Well with fees for both realtors in the sale you are looking at around $10k if it sells for $170k. Are you working with any agents. I would be interested in helping you maybe with lower the costs. Please let me know. Thank you.

Alex Gruye I Realtor

Jesse Olson Group
Coldwell Banker Burnet-Lakes Office
E: ajgruye@cbburnet.com
C: 612-747-4482
F: 612-920-4706
http://www.Jesseolsongroup.com
0 votes Thank Flag Link Fri Apr 19, 2013
Beyond the commission there aren't many charges to you. You will have your side of the closing costs which shouldn't run more than $1,500 (depending on if your taxes are paid at the time of closing), you may have to pay for a time of sale inspection with the city (depending on if they require one).

I don't consider seller paid closing costs (for the buyer) an expense, that is all part of the negotiation as is price. If someone asks you to pay their closing costs you can certainly counter for a higher price.
0 votes Thank Flag Link Fri Apr 19, 2013
Well Cat is back! Although I must say you seem to be kinda bummed out now? Well since it is late I am going to write my shortest response to you yet.

1) $1500 for title/closing
2) 3% seller paid concessions (closing costs) to the buyer. For 170k you can probably bank on it happening.

All done goodnight.

~Chris
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Thu Apr 18, 2013
Cat,
I don't have the time to write up a complete list. But if you will be so kind as to shoot me a quick email, I will give you a 4 page document that we give to all of our sellers showing the various fees that can or may be charged. And two of the pages explain, line by line, all of the various potential charges. Sorry I don't have an hour to type it out, but I don't. But I can promise you that if I give that to you, you will not have one more question.

BTW...I am not sure what happened in your life that brought you to the conclusion that owning a hosue was a waste of money. That is something I have never heard in my entire career. the fact is that owning a home in this country is the most solid investment of your money there is, and it also provides you with two of the largest tax breaks you will ever get. There is nothing that compares with it. I am truly sorry that you feel that.

Mark
Mark@DependableRealEstate.com
0 votes Thank Flag Link Thu Apr 18, 2013
I have paid thousands in mortgage, roof and siding repair, taxes, garbage, refinancing fees, and now will probably have to shell out another $10,000 just to sell it. I could have saved around $30,000 or more by just renting these past ten years. i see no up side to owning a house anymore.
Flag Fri Apr 19, 2013
The "seller expenses" can vary, depending on who writes an offer on your home. At $170k, you can safely figure from 2-10k, but some of that is controlled by seller concessions to cover buyer's closing costs.
0 votes Thank Flag Link Thu Apr 18, 2013
Cat,
Call me to discuss.
Mike Kelcher
RES Realty
763-228-2967

I'll be up until at least midnight.
0 votes Thank Flag Link Thu Apr 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer