Home Selling in Chicago>Question Details

John B, Home Seller in Chicago, IL

how much money will i need to bring to the table to sell my home?

Asked by John B, Chicago, IL Tue Apr 10, 2012

Currently we live in a 2BR 2Ba condo in andersonville and we are about to have our second child and have out grown this condo. I owe 248,000 not really sure what i could sell it for but if i sell it for 248,000 how much money would i have to bring to the table to move on.

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17
Your listing agent should be able to do a "net sheet" for you which tabulates the estimated costs you will encounter to sell the property. These costs may include the agents' commission, the attorney fees, the recording fees, the taxes for the time you lived in the home (January to sale date) , the pay off to the mortgage lender, equity line (if you have one) and possible other miscellaneous costs for such things as home warranty, repairs, or whatever is agreed to in the sales contract.
If you are "upside down" meaning you own more than you can sell it for, then you may have to bring money to the table. Your real estate agent can generate an approximate net sheet but your attorney who prepares your deed and lien waiver (closing documents) should be able to give you a more definate figure $$. Good luck . I recommend you ask your agent and attorney for help with this question.
1 vote Thank Flag Link Sun Apr 22, 2012
Please, please, because of the low equity you have in your home, contact a full-time, experienced real estate agent...

james
0 votes Thank Flag Link Wed Apr 25, 2012
Please, please, because of the low equity you have in your home, contact a full-time, experienced real estate agent...

james
0 votes Thank Flag Link Wed Apr 25, 2012
You need to go and speak with a real estate agent. There is no obligation and they can give you all the answers to the questions you need based on comparable sales in your area. The agent can also contact a title Company and ask them to prepare a good faith estimate of closing costs based on the average sale price that the agent fells your home will sell for. Of course these will not be figures that are carved in stone as they will fluctuate as to the actual selling price of the condo.
Joanne Bernardini
Sales Associate
Certified Short Sale Agent
Keller Williams Realty
One Atlantic Ave.
Ocean City, NJ 08226
ofc. 609-399-5454
cell 609-200-1321
http://www.trulia.com/profile/JoanneBernardini/
0 votes Thank Flag Link Wed Apr 25, 2012
Closing costs in Pittsburgh Pa market average around 7 percent of the sales price. Im many cases,
buyers will negotiate where sellers pay for some of the closing costs. An average about 2 percent...sometimes 3 percen if FHA....And, furthermore , to add to a seller's woes, if the home inspection (ordered by the buyer ) finds major problems, the buyer will ask the seller to pay for the fixup..This is also negotiable. Or, it there is seriouc Radon problems, again ,...yep , you called it. The buyer will often negotiate with the seller to pay some of the costs and sometime even all of it.
So, be prepared for anything before you come to the "table." My advice is to find an experienced agent and ask him/her to clearly explain \ALL the costs that could be associated with the sale of your Condo.....
0 votes Thank Flag Link Fri Apr 13, 2012
A strong cushion would be 10% of your sale price, once you include commissions, tax prorations, title fees, attorney fees, etc. If you would like a detail report, you can contact me.
0 votes Thank Flag Link Thu Apr 12, 2012
Hi John,

Short and sweet, count on an average of 3-4% (high side) of the selling price.

Do you need help selling your condo? I live in the area and can be of quick assistance.

Good luck!
0 votes Thank Flag Link Wed Apr 11, 2012
It all depends. I would love to talk to you about it. I would need more information.

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
mlaricy@americorpre.com
708-2502-696
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Tue Apr 10, 2012
John,

The market has picked up steam in the last few months and you may not need to bring funds to closing. Interview a couple of agents and have them provide you with a Comparative Market Analysis (CMA) and run the numbers for you, it's part of our job.

Jose Hernandez, sfr
Coldwell Banker Residential
312-788-7079
0 votes Thank Flag Link Tue Apr 10, 2012
Your best bet is to have a couple of agents complete Broker Price Opinions for you, then you can see what your house is worth in todays market. then you can add up what you owe, the commission and closing costs and see where you are at.Agents should not be quoting commission online as it is against federal FTC laws but they can quote you if you call or email them direct.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Apr 10, 2012
In general, 5% commission plus sellers closing costs such as atty, survey, etc are another 3%. Total of about 8%
Get a market analysis and see what you think you can get. Andersonville is pretty hot right now, so it may be better than you think.

Allie Payne
Jameson
312-752-0055
apayne@jamesonsir.com
0 votes Thank Flag Link Tue Apr 10, 2012
Hi John,

It will depend on where in Andersonville as well as the size of you unit and finish quality. Recent comps range from $250k to $350k.

I would be happy to help you transition to a larger home.

Best of luck,

Ivan Sagel
312-515-7823
IvanSagel@DwellOneRealty.com
0 votes Thank Flag Link Tue Apr 10, 2012
John, you will need to cover your expenses for selling the property. Attorney, Title transfer fee, Taxes, Broker fee, etc. These number vary of course. But, you live in Andersonville why would you think you should sell at $248k for a two bedroom? I would be happy to discuss all of your options. estegemann@rubloff.com
0 votes Thank Flag Link Tue Apr 10, 2012
Have some agents in and see what they think it is worth. I would be willing to help if you want to contact me. I am also an appraiser which helps me to zero in on the fair market value of your place.
0 votes Thank Flag Link Tue Apr 10, 2012
I would estimate 7% of sale price for closing costs & real estate commission. This will cover transfer fees, title costs, attorney, & the cost of having a licensed Realtor find the buyer for your home.
0 votes Thank Flag Link Tue Apr 10, 2012
get a pay off from the bank, get an attorney so you do not get ripped off, and plan on closing costs being 10% of your sale price..
0 votes Thank Flag Link Tue Apr 10, 2012
You need to have a few agents do a market analysis to give you a value range that your condo might sell for. You did not give enought info for anyone to give you any numbers. Let me know if I can help.
0 votes Thank Flag Link Tue Apr 10, 2012
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