Preparing for the Closing Cost Estimation for Selling Your Home
Hooray! You have decided to make the big move and sell your home! Real estate prices are rising, your mortgage is being paid down, and that job relocation sounds perfect!
Now, you only have to sell it…
Have you budgeted for closing costs? Survey? Real Estate Commissions? Transfer Stamps? AHHHH!!!!
Well, not all is lost. So long as you have a qualified professional that can walk you through the process and, most importantly, sell your home.
So…here are a couple of pointers for those looking to sell their home in and around the Aurora, Illinois area :
Real Estate Commissions : Perhaps the MOST EXPENSIVE part of your sale. Find out EXACTLY what the Realtor will perform to get your home sold and justify the cost as part of your sale price. Worst thing you can do is list it with a Realtor who “is a friend”. This is a business relationship!
Attorney Fee : Inexpensive and completely justified expense. Expect $250 to $500 for the transaction and referrals are always welcomed/recommended.
Survey : Selling a single family home? Expect $500-$700 for the completion of a new survey. May not hurt to see if you can find your old survey. Assuming you can and haven’t made any changes to lot lines(easements, fences, sheds, etc), you may be able to SAVE this money at closing by having the seller use your old survey.
Title Fees : Expensive and not much you can do about them. Bite the bullet and check out this link for some example fee charges : Title Fee Expense Example
Transfer Stamps : Whether they be county, city, or state…part of life.
Well/Septic Inspection : Live on well/septic and not on city owned water/sewer? Well, you will want to budget for the expense of having this inspected prior to closing ($500-$900).
Radon Inspection : Have a home with a basement? This day in age, the buyer will likely pay for radon inspection to your home. If elevated radon levels are found, expect a cost of $1000 to $1300 to have a radon mitigation system installed!
So, moral of the story is…budget out for the cost of the sale of your home before getting too excited. Ask for Net Sale Proceeds from your Realtor and keep it updated as you negotiate out pricing on the sale of your home. Happy home selling!