Profile picture for RunningIndigo

How much will I have to pay out of pocket to sell my house?

I'm planning to place my house for sale using a Realtor in the next month. When an offer is placed for my house, what can I expect for out of pocket  expenses at closing? Thanks 
  • January 21 2012 - High Point
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Answers (10)

At the time of listing your agent can prepare an Estimated Net Sheet.   This breaks down the transaction based on the List Price with traditional expenses and shows what you could expect if the house sold for the List Price.

When you get an offer the agent can give you a new Estimated Net Sheet.   This will be based on the actual offer and much closer to reality but it is still an estimate.   

When I do these I base every line item on the highest amounts I have seen in the past or I estimate a little higher kind of like padding an expense account but I have found the sellers are all pleased if things come out in their favor at the closing.

The biggest mistake I see home sellers making at closing time, they don't believe me when I say make your last house payment.   For some reason I will never understand they like to not make that payment and then they pay it with accrued interest a closing and then they blame me for mistakes in the math!  Geesh!
  • May 19
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Profile picture for cheyennesnunna
It is a good idea to definitely speak with your realtor regarding these fees but I suggest you verify these fees on your own as well.  With all the information that is available on line, trust but verify.  I found a few hundred dollars in savings in the title insurance area.  Errors happen and times are tough. Somehow special fees are slipping in costs that should be straight across the board.  At the time of sale, the buyer may choose the title insurance company. Rethink this at the time of signing a contract. Not everyone has time to find the best cost for you since they are not paying the bill.
  • May 19
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Intersting the difference in answers to the question.  I supppose the question is: what do you consider "out of pocket costs"? If you are netting cash from the sale, technically none of the costs are "out of pocket", since you don't have to bring cash to the closing table.  The best way to get a clear understanding of how much it will cost you to sell your house is to ask your agent or a closing attorney to explain to you the line items on a HUD settlement statement, which explains where all moneys in a settlement come from, and where those moneies go.

-if you have a balance on your mortgage, that payoff amount will come of the top (of course)
-The amount you will pay in commissions depends upon the amount you and your agent agree upon.  (x% of sales price)
-taxes and association fees will be prorated for the portion of current time period you own the property.
-If you agree to pay any of the buyers settlement costs, that would be considered.
-You'll have revenue stamps, in NC its $2 per $1000 of the sales price (if its $100,000, you'll pay $200).
-You'll pay an attorney to prepare a deed for you (less than $200)
--there are usually courrier fees ($25-50)
-If you provide a home warranty for the buyer, that can be paid at settlement (maybe $500)
-you could also be credited back from your hazard insurance company (after closing) for the portion of the time period that you may have paid for, but will no longer own the property.

Per the previous definition of "out of pocket costs" - you'll want to consider any repairs or improvements you agree to take care of in order to help sell the home, or for the buyer prior to closing.
  • January 22 2012
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Profile picture for Sharon Lewis
I hope that all helped. I think what you might do now is look for a local agent to help you out. They can actually sit down and do a 'net sheet' for you for the amount you plan to sell for, it will be a lot more accurate. If you need a realtor, anyone of us can give you a referral or you can pull down the Professionals tab up top here and search for one in High Point...love going there for furniture shopping! Best of luck to you for your sale.
  • January 22 2012
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You will have to take into consideration comparing to realtors, what you pay to attorney, and maybe dollars to repair issues discovered by home inspector. Lender and your realtor will guide you.
  • January 21 2012
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Depending on the commission you are paying, you can expect around 10%.
  • January 21 2012
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Deduct from the sale price (and any concessions offered to buyer from seller) reflected on the purchase and sales:
1.  Professional Fees
2.  Stamp Duty
  • January 21 2012
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Profile picture for Sharon Lewis
What you could pay for in North Carolina are :
Ttaxes from the beginning of the year to the day you sell.
Commission(whatever has been negotiated,there is never any set commissions),
 Attorney (your cost will be around 150-175..)
Deed payoff, courier fee ( 25-35 dollars),and tax stamps.
Extras could be a home warranty plan and any negotiated home inspection items.
Hope that helps
  • January 21 2012
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Dear Honda Gwynn,
Commissions are something for you to negotiate with your Realtor. The other expenses depend upon the purchase price and other details your Realtor will be able to help you with that as well.
  • January 21 2012
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Your Realtor is the first person you should ask.  You may also get the answer from a title company.  The costs vary from state to state, and are also based on the sale price of the home as well as the terms negotiated in the offer.  Good luck.
  • January 21 2012
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