I know I should take 6% of total selling price for commissions but I wanted to know what other costs I should consider and how much they would be?
2007-01-10 06:49:58 · 7 answers · asked by CommanderQ 3 in Business & Finance ➔ Renting & Real Estate
It can vary a lot buy the state or even the market practices. In some market you will be expected to split a 2% transfer tax. Other markets have no such tax. Take a look at the closing statement from the purchase as some of the fees will occur when you sell.
Your agent (if you have the property listed) can tell you want is convention in the local market. They should be able to provide a crude estimate.
In some markets or price ranges it is common for the seller to offer a credit to the buyer for closing costs or other items. Up to 3% or 6%. Mostly in slow moving markets and more common at the lower end where the buyer is purchasing their first home.
I would start with a local agent and a review of the fees that the seller paid when you purchased.
The commission should be your largest expense by a long shot.
2007-01-14 10:49:57 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Your listing agent will create a "seller's net sheet", which will show you what you will net from the sale of your home, after commissions, title fees, deed tax, loan payoffs, etc...
I'm sure it can vary widely by state, but plan on another 2-3% of the sales price going to cover the selling costs.
2007-01-10 07:20:29 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Why would you want to when a Realtor will do it for you? If you hire a competent Realtor they should not only complete a CMA for you showing you a range of value of your home but they should also complete a sellers net sheet for you. Every offer will have a different sellers net sheet even if the offer is the same amount. The type of loan the buyer is using may effect your closing cost. Take this into consideration when you interview Realtors to market your house.
Good luck
Michael
2007-01-10 20:22:11 · answer #3 · answered by Bestbank Real Estate 3 · 3⤊ 0⤋
These costs vary from state to state. In addition to the real estate agent's commission (which may also differ depending on the agreement you enter into), you may incur state and/or local tranfer taxes.
2007-01-16 05:58:55 · answer #4 · answered by mortgagelns 3 · 0⤊ 0⤋
Talk with your agent about closing costs, taxes, transfer fees etc. These will vary by area and can be a surprise unless you are prepared. Your agent will know the usual and customary.
2007-01-10 06:57:46 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Whatever it costs to make the repairs to your house that the real estate agent recomends to make it look better, repainting etc.
If you don't have your new house ready by the time this one is sold, there will be the cost of temporary housing.
Moving expenses.
2007-01-10 06:58:00 · answer #6 · answered by growing inside 5 · 0⤊ 0⤋
Texas Prices-Survey Approx.300.00-Termite Inspection Approx. 250.00-Inspection of your new home Approx.225.00-Any taxes due.This all depends on Sq. footage.
2007-01-16 11:37:36 · answer #7 · answered by sawhorse44 1 · 0⤊ 0⤋