May 28, 2011

What it costs to sell your Dallas home

Often people wonder what it would cost them to sell their home and it is difficult to give a standard answer. It depends on so many factors.

When selling your house, your agent can easily create a seller's estimated net sheet to give you an idea of the amount you can expect to clear at closing based on your particular situation.

Typically the closing costs of the average home that I sell equals about 8% to 9% of  the sales price - depending on several factors. Remember that everything is negotiable in real estate and there are few fees absolutely set in stone. My broker's standard fee is 3% of the sales price and the title insurance expense is normally under 1% of the sales price.

On the sale of a $100,000 house, the average closing costs to my seller would look something like this:
  • $3,000 broker fee to the seller's brokerage
  • $3,000 broker fee to the buyer's brokerage
  • $ 843 title insurance policy to the title company
  • $ 250 attorney document preparation fee
  • $ 250 escrow fee to the title company
  • $ 150 to $450 tax service fee
  • $ 25 recording fee to the county/city/state
  • $ 75 flood certificate fee to some governmental agency
  • $ 40 processing fee to title company
  • $300 to $450 home warranty policy
  • $ 50 to $300 HOA transfer fee
  • plus pro rated taxes
  • plus the survey, any messenger fees or other lender required fees
So if you supplied an acceptable survey, your lender didn't add on additional fees and the contract was clean, your total closing cost on this $100,000 sale would be about $8,000.

That would be if you sold on January 1st so that you didn't have taxes to pay. If you sold in July, you'd owe half a year's taxes on the property, etc. Keep in mind that these figures can vary depending on your exact circumstances and details in your contract. But this at least can give you an idea of what to expect when selling your home in Dallas. [where: 75230]


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