House Closing Expenses?

Question

I'm trying to sell my house because it's too big for me ( i used to live with my parents but they moved out). Here's situation. I have 185,000 left on the mortgage and my house value is 210,000 - 215,000. The real estate agent commision is 4.9%. My question is , if i do sell my house at 1) 210,000, how much would i make after i deduct agent's commission and other closing expenses. and also 2) if i sold house at 215,000.
well i could figure out the agent's commission but i dont know what kind of closing expenses there are. Can someone tell me roughly how much the closing expense would be like?
I need to make at least 15000 from selling this house so i could pay off my parent's debts.

i have not hired agent yet. I was just asking an agent about some questions and she told me in the beginning that her commission was 4.9% and out of those 3% would go to buyer's agent. If i wanted to sell house by myself, how would i do that? and when i sell by myself dont i still need to pay commission % to the buyer's agent? Thank you all for informations. its helping me a lot

Answer 1

Closing expenses paid by the seller are mostly up to you. There is generally a sellers title insurance policy- avg. cost about $1000 or so, but anything else is up to you and how the sales contract is written. Simple calculations would suggest you sell it for at least $215,000 to make the money you need out of it. I would really check into recent home sales for your area though to see if that is a valid price. Most realtors can give you an idea of an appropriate sales price as well. You might try zillow.com for a rough guide as to a sales price for your home.

Answer 2

Is it a buyer or a seller's market? Depending on the situation you may be able to get the buyer to pay all the closing costs (save some money!). Why are you paying an agent a 4.9% commission???? That's really high, if you have an agent I wouldn't pay over 3% - have you thought about trying to sell yourself for awhile first? You'll take home more money this way!

Answer 3

If you already know your agent's commission is 4.9%, I assume you've hired the agent already?

If so, why on earth have they not given you a "Seller's Net Sheet"? This would itemize a couple selling prices, and break down the costs to sell, payoffs, etc.. and give you a bottom line net figure.

Selling costs are likely 1-2% of your selling price. It varies quite a bit by state and area, as deed taxes are quite different in some states. At $210,000, you'll probably be short on your $15K by $2-3K. At $215K, you should net just enough.

Answer 4

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