Magic Bullets Kill Sacred Cows HTML version

Magic Bullets Kill Sacred Cows
You as the sellers may reasonably expect to pay some of these:
Real estate sales commission, not happening! (biggest expense)
Your existing mortgage balance to your original lender
Recording fee to record the mortgage payoff above and clear the title
Prorated taxes to the buyers from the first of the year to closing date
Half of the traditional closing costs
Tax service fees
Owner’s title insurance policy
Property survey
Miscellaneous recording fees
Pest, radon, lead, asbestos, water, roof, mechanicals and local inspection
Other fees with regard to what you’re selling and in what state or town
All expenses of the FSBO, marketing, signage, ads, Internet listing fees,
Now if you have chosen to control your own destiny, then you may also be paying
for these secret weapons:
An attorney:
A home inspection:
An appraisal:
A home warranty:
“Warning you may kill the competition.”
Your attorney is going to explain it all. You should sit down when you go to get
your forms from the attorney and decide shortly thereafter what you are willing to
pay for and what you expect the buyers to pay.
Many items fall under the guise of traditional charges and many can also be split.
As a baseline under this outline here, you can figure about 1% of your sales price
for closing costs. On a $200,000 home that would be about $2000 in closing costs
(not including your secret weapons), some higher, some lower. These are
deducted out of your sales proceeds - the closing check!