Today we are answering that exact question – what are the average closing costs for the seller when you sell your home or investment property? Actually there really are not very many fees so you’ll be very happy to hear this answer!
Average closing costs for the seller
If you do NOT own your house free and clear you have to pay off your mortgage, so that’s number one.
Number two is any credits that you’ve agreed to pay on the buyer’s behalf. So if they’ve asked you for a closing cost credit, if they had asked you to buy them a one year home warranty, if they have asked you to pay for a termite bond or to do any repairs to the property, those are credits on behalf of of the buyer.
You will pay your prorated property taxes as well. You will pay property taxes from the date of the start of the fiscal year through the closing date/ Then the buyer will pay the property taxes from closing through the end of the fiscal year.
Then there is the commission that you’ve agreed to pay your real estate agent.
And finally any miscellaneous fees that may be incurred from the closing attorney. For instance, if you have asked them to wire transfer your proceeds directly into your bank account there may be a wire transfer fee. If you are closing out of town (for instance, you sold your house and you’ve moved out of state already you don’t want to come back to Savannah for the closing so you’re going to sign in North Dakota) there’s a fee involved for sending the paperwork back-and-forth.
And those are pretty much all of the average closing costs for the seller in Savannah and the surrounding counties. (There are always special circumstances, of course, but these are the fees we see most often that the seller pays for at closing.)
So now you know the average closing costs for the seller. But do you have any idea what your home is worth in today’s market? The market in Savannah has changed a lot in the last year or two. If you’re thinking of selling and don’t know what your home is worth, click the link below. I would be happy to give you a free no obligation home value analysis.
About the Author: The article above, Average Closing Costs for the Seller | Do Sellers Pay Closing Costs?, was provided by Karin Carr, an authority on Savannah area real estate and a leader in the field of real estate blogging and vlogging. Karin has helped literally helped hundreds of families buy and sell homes since 2005.
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