Home Selling in 60613>Question Details

Don Franzen, Home Seller in Chicago, IL

If I sell my condo for $230,000 in Cook County (Uptown) what can I expect to pay, as a seller,for closing csts

Asked by Don Franzen, Chicago, IL Tue Feb 10, 2009

If I sell my condo for $230,000 in Cook County (Uptown) what can I expect to pay, as a seller, for closing costs.

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Don,

Here are anticipated costs:

$3.50 per $1,000 of sale price for Cook Country Transfer Stamps
Approximately $500 for attorney fee
approximately $750 for title insurance
An agreed upon proration of real estate taxes
Ancillary costs of $100-$500.

Best of luck determining the direction you go with respect to listing your residence and selecting a real estate professional with an actual plan to aggressively market your residence and to sell it seamlessly and with authority.

Thomas McCarey
Luxury Home Marketing Specialist
Accredited Buyers Representative
The Real Estate Lounge Chicago
2 votes Thank Flag Link Tue Feb 10, 2009
On Jan. 20, 2009 one of our Uptown client's condominium closed for $221,000 that we had listed for $229,000. The closing costs were:

Attorney Fee: $500
State/City Transfer Tax and Recording Charges: $1,043
Commission: $11,050
Title Insurance and other: $1,235
Misc. $175

Tax Credit to Buyer: $1,894 (this will vary depending on your taxes)

That should get you very close. Other things that could come into play are special assessment payoffs and repair credits.

Best of luck with your sale!

Eric Marcus, ESM Realty
Your Real Friend in Chicago Real Estate
http://www.esmrealty.com
773-244-1110
0 votes Thank Flag Link Sun Feb 15, 2009
As a conservative rule of thumb my lender and I usually use 8% as a very rough estimate. That figure includes an assumed commission of 5% as well and your portion of the stamp.

Scott Newman
Newman Realty
0 votes Thank Flag Link Wed Feb 11, 2009
Your real estate attorney can draft a preliminary HUD-1 Settlement statement for you based on an anticipated selling price. This is a great way to get a very close estimate.

As far as commission goes, talk with the agent you're most considering and get their rates and services.

Make sure internet marketing is a focus of their operations. It is very cost effective for the broker and very effective at giving your property the most exposure. You should be able to get a lower commission fee without print advertising and direct mail.

Best of Luck
0 votes Thank Flag Link Wed Feb 11, 2009
Thomas hit the major costs, except for one - real estate commission. If you list your property with a broker, you negotiate a commission with the broker that that is paid at closing (the amount is negotiable, but typically 5-7% of the sales price). The listing broker typically offers a cooperating commission to buyers agents (typically half of the total commission).
Even if you try for sale by owner, many FSBO's offer cooperating compensation to buyer's agents to bring buyers to their property (typically 2.5-3%).
Another possible expense is any outstanding assessments or pending special assessments, may be due at closing.
Your agent can run the numbers for your specific property, so you can get an idea of what to expect to clear at closing.
0 votes Thank Flag Link Wed Feb 11, 2009
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