Windermere Professional Partners
Then of course you will also have commissions and these are not fixed. You will be paying for representation and marketing from your own agent and you will also pay for the buyer to have representation in the sale as well.
In our current market many buyers will also ask for up to 3% seller assisted closing costs. Before you thing that you just don't want to pay that, realize you will rule out many buyers is you are unwilling, you can negotiate and add it on top of the selling price you offer your home at so long as that total will be supported by the appraisal and realize it is likely you will be asked to pay some or all of the closing for your buyer.
In all, be prepared to pay between 9-10% if you do not contribute to buyer's closing costs in cost of sale and if you do contribute to buyer's closing costs be prepared to do between 11.75-13% of total sales price as your cost of sale.
I was trying to avoid specifics because they can be confusing and misleading, but bringing up taxes is a good thing. I wouldn't ordinarily consider it a closing cost, but if a seller is behind two years on paying taxes, they would need to pay those out of the sales proceeds (or other funds) to be able to close the sale. Conversely, if the seller paid a full year of tax at the beginning of the year, they could have a significant credit on the closing statement. But presumably a seller would know whether they were delinquent (or paid ahead) on an item and take that into account.
That is a good question. Typically Seller's fees include both sides of the real estate commission of 6-7%, sales transfer tax to the state of 1.78% along with various title and escrow related fees. Usually the total is between 8.5 and 9.5%, depending upon the details of the sale. Count in more if the Seller decides to pay a buyer's closing costs which are typically 3% of the sales price.
Get in touch with me personally if I can be of further help.
Meg O Harrison
253. 961. 3613
see this example- need to add any real estate taxes due also.
Estimated Seller's Net Proceeds
Prepared: July 6, 2013
Prepared for: seller
The Information on this estimated net sheet is deemed reliable, but is not guaranteed. The actual costs with respect to each transaction will vary depending on the circumstances.
Selling Price $139,000.00
Closing Date: 8/5/2013
Real Estate Fees
Listing Office (3.0) $4,170.00
Selling Office (3.0) $4,170.00
Escrow/Closing Fee (incl. tax) $486.28
Title Policy (incl. tax) $585.29
Prorated Property Tax $0.00
Excise Tax $2,474.20
1st Mortgage Balance $0.00
1st Mortgage Prorated Interest (0.0%) 0
1st Mortgage Prepayment Penalty $0.00
2nd Mortgage Balance $0.00
2nd Mortgage Prorated Interest $0.00
2nd Mortgage Prepayment Penalty $0.00
Additional Payoff $0.00
Buyer's Cost Paid
Seller Paid Buyer Cost $0.00
Lender Requirement (FHA/VA) $0.00
Special Assessment $0.00
Document Preparation Fee $100.00
Recording Fee $80.00
Homeowners Association Fee $0.00
Home Warranty Policy $0.00
Pest Inspection $0.00
Estimated Seller Costs $12,265.77
ESTIMATED NET PROCEEDS $126,734.23