Closing Costs As a Seller
When closing costs are discussed, it is almost always in the orientation of the buyer. So, what closing costs as a seller are you responsible for?
Closing Costs As a Seller
Closing costs can be significant and scary for home buyers and sellers. However, the good news for those looking to sell their homes is that most fees are transferred over to the buyers. Although this matter has to be negotiated and agreed upon between the buyer and seller, standard operating procedure is for the buyer to pick up the costs. If nothing else, this assures the buyer that they are getting objective opinions in inspections and such.
This traditional approach can save many sellers quite a bit of money. On average, buyers pay between two and seven percent of the total sale price of the home in closing costs. The more the home costs, obviously the more the buyer will be paying. When it comes to paying closing costs as a seller, however, many homeowners are surprised by what they have to pay out.
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Far and away, the biggest cost is the realtor commissions of five to seven percent, and that is the primary reason why so many people are selling on their own. On a $300,000 home, such a commission would equate to a fee of between $15,000 and $21,000. That is a lot of money, and for what? With over 70 percent of buyers now looking to the Internet, not realtor MLSs, for prospective properties, paying a commission as a seller no longer remotely makes sense. Sell your home fsbo, and your closing costs drop like a rock in a lake.
In addition to realtor commissions, there are other incidental closing costs you have to pay as a seller, although not all of these may apply given your location. Potential closing costs can include attorney fees, survey fees, recorded release of your own mortgage on the home, various insurances, local, state, and federal taxes, and transfer taxes charged by your state, city or county. Mortgage brokers or realtors in your area can help you with the specifics, and you don't have to retain them. They consider you a lead and are happy to help for free. You will probably feel constrained to listen politely to their sales pitches, however.
Paying closing costs as a seller can be aggravating. You tend to feel like you are throwing away part of your hard earned equity in the home. That being said, there isn't much you can do to avoid them.
Closing Costs As a Seller
Closing costs can be significant and scary for home buyers and sellers. However, the good news for those looking to sell their homes is that most fees are transferred over to the buyers. Although this matter has to be negotiated and agreed upon between the buyer and seller, standard operating procedure is for the buyer to pick up the costs. If nothing else, this assures the buyer that they are getting objective opinions in inspections and such.
This traditional approach can save many sellers quite a bit of money. On average, buyers pay between two and seven percent of the total sale price of the home in closing costs. The more the home costs, obviously the more the buyer will be paying. When it comes to paying closing costs as a seller, however, many homeowners are surprised by what they have to pay out.
Get Free 1 Month Listing
Far and away, the biggest cost is the realtor commissions of five to seven percent, and that is the primary reason why so many people are selling on their own. On a $300,000 home, such a commission would equate to a fee of between $15,000 and $21,000. That is a lot of money, and for what? With over 70 percent of buyers now looking to the Internet, not realtor MLSs, for prospective properties, paying a commission as a seller no longer remotely makes sense. Sell your home fsbo, and your closing costs drop like a rock in a lake.
In addition to realtor commissions, there are other incidental closing costs you have to pay as a seller, although not all of these may apply given your location. Potential closing costs can include attorney fees, survey fees, recorded release of your own mortgage on the home, various insurances, local, state, and federal taxes, and transfer taxes charged by your state, city or county. Mortgage brokers or realtors in your area can help you with the specifics, and you don't have to retain them. They consider you a lead and are happy to help for free. You will probably feel constrained to listen politely to their sales pitches, however.
Paying closing costs as a seller can be aggravating. You tend to feel like you are throwing away part of your hard earned equity in the home. That being said, there isn't much you can do to avoid them.
When closing costs are discussed, it is almost always in the orientation of the buyer. So, what closing costs as a seller are you responsible for?
Closing Costs As a Seller
Closing costs can be significant and scary for home buyers and sellers. However, the good news for those looking to sell their homes is that most fees are transferred over to the buyers. Although this matter has to be negotiated and agreed upon between the buyer and seller, standard operating procedure is for the buyer to pick up the costs. If nothing else, this assures the buyer that they are getting objective opinions in inspections and such.
This traditional approach can save many sellers quite a bit of money. On average, buyers pay between two and seven percent of the total sale price of the home in closing costs. The more the home costs, obviously the more the buyer will be paying. When it comes to paying closing costs as a seller, however, many homeowners are surprised by what they have to pay out.
Get Free 1 Month Listing
Far and away, the biggest cost is the realtor commissions of five to seven percent, and that is the primary reason why so many people are selling on their own. On a $300,000 home, such a commission would equate to a fee of between $15,000 and $21,000. That is a lot of money, and for what? With over 70 percent of buyers now looking to the Internet, not realtor MLSs, for prospective properties, paying a commission as a seller no longer remotely makes sense. Sell your home fsbo, and your closing costs drop like a rock in a lake.
In addition to realtor commissions, there are other incidental closing costs you have to pay as a seller, although not all of these may apply given your location. Potential closing costs can include attorney fees, survey fees, recorded release of your own mortgage on the home, various insurances, local, state, and federal taxes, and transfer taxes charged by your state, city or county. Mortgage brokers or realtors in your area can help you with the specifics, and you don't have to retain them. They consider you a lead and are happy to help for free. You will probably feel constrained to listen politely to their sales pitches, however.
Paying closing costs as a seller can be aggravating. You tend to feel like you are throwing away part of your hard earned equity in the home. That being said, there isn't much you can do to avoid them.
Closing Costs As a Seller
Closing costs can be significant and scary for home buyers and sellers. However, the good news for those looking to sell their homes is that most fees are transferred over to the buyers. Although this matter has to be negotiated and agreed upon between the buyer and seller, standard operating procedure is for the buyer to pick up the costs. If nothing else, this assures the buyer that they are getting objective opinions in inspections and such.
This traditional approach can save many sellers quite a bit of money. On average, buyers pay between two and seven percent of the total sale price of the home in closing costs. The more the home costs, obviously the more the buyer will be paying. When it comes to paying closing costs as a seller, however, many homeowners are surprised by what they have to pay out.
Get Free 1 Month Listing
Far and away, the biggest cost is the realtor commissions of five to seven percent, and that is the primary reason why so many people are selling on their own. On a $300,000 home, such a commission would equate to a fee of between $15,000 and $21,000. That is a lot of money, and for what? With over 70 percent of buyers now looking to the Internet, not realtor MLSs, for prospective properties, paying a commission as a seller no longer remotely makes sense. Sell your home fsbo, and your closing costs drop like a rock in a lake.
In addition to realtor commissions, there are other incidental closing costs you have to pay as a seller, although not all of these may apply given your location. Potential closing costs can include attorney fees, survey fees, recorded release of your own mortgage on the home, various insurances, local, state, and federal taxes, and transfer taxes charged by your state, city or county. Mortgage brokers or realtors in your area can help you with the specifics, and you don't have to retain them. They consider you a lead and are happy to help for free. You will probably feel constrained to listen politely to their sales pitches, however.
Paying closing costs as a seller can be aggravating. You tend to feel like you are throwing away part of your hard earned equity in the home. That being said, there isn't much you can do to avoid them.
posted by zzzzzzzzzzz at
10:57 PM
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