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Costs Associated With Selling a House
Monday, April 16, 2012
The adventure does not stop at deciding how much exactly a house should be priced at. After looking at similar listings, the market and previous sales, I put my house’s estimate cost at $300,000. That number tasted sweet rolling off my tongue. I even felt it thick in my pockets. However, after deducting a sales commission of 6% and paying my property tax balance, I found that there are many other costs associated with selling a house. There’s the transfer fees, which includes charges for when you are drawing up your title or any other document you might need notarized. There may be lawyer fees, plus the cost of repairs that need to be done depending on how well maintained and how old you house is. Then, there is the mortgage fee, which I have to pay upon selling my house. Altogether, the costs amount to $68,500. That leaves me with $231,500.
Having been through the selling process myself, there are so many small details that you just can possibly miss. This may include forgetting to tell your agent that you have already paid your property tax, or not having any proof of it in hand upon closing. This may result to you being forced into paying twice for it or delaying the sale. Additionally, there is the closing cost that most of today's sellers shoulder to get the deal done sooner. It includes all buyer's closing costs although may depend on the agreement between parties. Make sure to settle before closing. You do not want to be tied with it. You want to make sure you have a good understanding of the deal and all charges.
The thought of "I want to sell my house
" is not an easy task in reality. Preparing your own net sheet is a good way to keep track of important details. It is a list of all the costs deducted from the price of your property. It would come in handy when your Realtor or the title company shows you their net sheet, which contains the settlement statement. It never hurts to double check. Write down unfamiliar terms and costs you come across with during the process then do a little research. You do not have to be an expert, a little knowledge will help you with your choices and decision-making. When I decided to sell my house
, I knew very little about the process and that left me with not much option.