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I have a friend who is a RE agent. They have to sign a document at closing that they received payment. When she first started out, one of her clients convinced her to sign the document and he'd have the check on Monday. (was a Friday closing). Needless to say, it didn't end well and she had to chase the guy for the check which she finally got. What assurances would an agent have that you'd make those installment payments?
For some reason, I couldn't find an answer from googling, so here goes...
Let's say that I want to sell a house for $200K and the selling fees are the standard 7%. So the selling fees would be a whopping $14,000. Well, if I am not comfortable with paying the selling fees from my home equity and/or liquid cash, can I finance them and make monthly payments? I just think it's absolute insane to pay that much money all in lump sum. It's just too much of a hit at once.
No. Sell the home yourself without a realtor if you want to keep the $14K.
And even then there will be closing costs that you will have to pay at closing if you actually want to sell the house.
Absolutely correct, the city/state/county may have their own closing costs that would still have to paid with or without a Realtor. Don't forget the title agency costs.
I still can't fathom why you wouldn't just take the 56k and be done with it all. Why be on the hook for 14k with monthly payments, incurring interest. That's basically like adding a car payment once you've sold your house. Silly.
Another interesting post from nep!
I still remember you from CT forum and all your interesting posts over there.
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