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Tried to google it up but couldn't find what I was looking for. I presume it depends on the price of the property but what is a reasonable percentage to expect to have to pay towards settlement costs in VA as a seller?
Also, other than the settlement costs, what are some other things I should safely expect to exclude from the NET so I don't expect more than what we might really get on hand at the end of the sale?
I have always planned on it overall costing me the seller about 7-8% which includes the 6% realtor fee. Sell for $300K leaves $276 to $280ish to then pay off mortgage(s).
I have always planned on it overall costing me the seller about 7-8% which includes the 6% realtor fee. Sell for $300K leaves $276 to $280ish to then pay off mortgage(s).
I don't have a NET sheet from my agent (should ask him for one) but he mentioned it would be less than half a percent. Excluding the listing commissions, would it be about 1-2% of the price of the home as you mention above (for a seller)? OMG :-(
Though everything is negotiable, it is customary for the seller to buy the owner's title policy for the new owner. This ensures clear title and that no one can come take the buyer's new house. That is roughly just under 1%, depending on the price. Then there are escrow fees, recording fees, attorney fees, HOA transfer fees (if applicable)... lots of fees.
Not sure how your agent can say it's less than 1/2% unless you're in a very high price point and a few hundred dollars here and there won't make too much of a difference. I always estimate about 8.5% for my sellers because buyers tend to ask for some closing costs to be paid also.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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My favorite title company is happy to prepare a net sheet for us, but that's only after an accepted offer. We try to present the net sheet we make up when presenting the offer so the seller has a pretty darn good idea of what he will be walking away with.
The total settlement charges with commission etc, can vary. It could be anything from 7% - 14%. If the buyer is asking for assistance it can get up to 14%. If they don't it could be 7 - 8%. The total charge as many variables, your states transfer tax, the commission you are paying, buyers assist or not, etc.
Recently sold my home and did get a net sheet prior to closing. While I do not know percentage, I made sure to *NOT offer/agree to pay any closing costs for buyer...
I paid 6% agt fees, $110 to my atty for closing documents. Title search, a few others... but I was happy with the outcome.
Quote:
Originally Posted by vauser
Tried to google it up but couldn't find what I was looking for. I presume it depends on the price of the property but what is a reasonable percentage to expect to have to pay towards settlement costs in VA as a seller?
Also, other than the settlement costs, what are some other things I should safely expect to exclude from the NET so I don't expect more than what we might really get on hand at the end of the sale?
Every seller should insist on a ballpark net sheet from an agent before listing. It has the general costs associated with closing. I put one in my CMA and marketing plan. Ask your agent for one.
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