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Old 03-22-2008, 03:40 PM
 
222 posts, read 1,052,197 times
Reputation: 83

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Besides realtor fees, what are the usual costs associated with selling? Our realtor gave us an estimate of getting $25k if we sell our condo for $205k and we owe $160. Dh looked over the numbers but can't remember what the costs were (I held our squirmy baby). We are in Md if that helps.

TIA!
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Old 03-22-2008, 05:10 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,663,993 times
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In certain states (ie NJ) you have what's called a pesky "transfer tax".

Its basically a 1% hit that you pay for selling your home (in addition to realtor, closing fees).

It ain't cheap to move...
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Old 03-22-2008, 05:13 PM
 
Location: Gorham, Maine
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In my state, the seller pays for the Deed preparation. You'll also get hit for some fees to get your loan(s) paid off.
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Old 03-22-2008, 05:30 PM
 
222 posts, read 1,052,197 times
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Ok, so in Howard Co Md, the transfer tax is 1%, usually split 50/50. Then there is the other fees (attorney fees, title search, and recording fees) which are usually 1-1.5%, correct? That would be ~2% of 205k, or $4100, and then 6% of 205k is $12300, so the total is $16400. So 205000-16400= 188600-160000=$28600.

Ok, that sounds about right!

Thanks so much!
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Old 03-22-2008, 06:07 PM
 
Location: Gorham, Maine
1,973 posts, read 5,203,489 times
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Quote:
Originally Posted by koofie View Post
Ok, so in Howard Co Md, the transfer tax is 1%, usually split 50/50. Then there is the other fees (attorney fees, title search, and recording fees) which are usually 1-1.5%, correct? That would be ~2% of 205k, or $4100, and then 6% of 205k is $12300, so the total is $16400. So 205000-16400= 188600-160000=$28600.

Ok, that sounds about right!

Thanks so much!
I don't know about MD, but in ME the buyer pays most of those - unless they have negotiated for you to pay for them.
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Old 03-23-2008, 07:41 AM
 
Location: Palm Coast, Fl
2,249 posts, read 8,877,697 times
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Why don't you just call the Realtor® and ask for a copy of the estimated sellers sheet?
Then you'll know for sure and have no surprises.
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Old 03-23-2008, 11:19 AM
 
222 posts, read 1,052,197 times
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I plan to, but I probably won't see her until later this week, and I just thought of it I'm not very patient...
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Old 03-23-2008, 07:01 PM
 
Location: Houston, Texas
469 posts, read 1,481,755 times
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Quote:
Originally Posted by koofie View Post
I plan to, but I probably won't see her until later this week, and I just thought of it I'm not very patient...

Selling cost vary by county in some states. You should contact the agent that spoke with you and ask them for an explaination of each fee.
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Old 03-27-2008, 05:14 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,877,697 times
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Quote:
I'm not very patient...
Welcome to the club, lol. You can always call the title company and get it from them.
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