What are "other" costs to sell my home?

By
Real Estate Broker/Owner with Atlas Realty Service, LLC Ga Re lic. 266576
https://activerain.com/droplet/5dnH

Other than real estate commision what are other costs that you might incur?

Closing costs: It is common in Ga for sellers to contribute toward buyers closing costs. It is not required but common. Do not be shocked or offended. In most instances an offer with no closing costs will be at a lower price. When the offers come in we will discuss the offer in full and look at your bottom line. That is the only number that really matters.

Termites:: Many buyers will ask for a termite bond. If you already have a bond that can be transferred, contact your pest control provider for the cost to transfer and provide 1 yr coverage for the buyer. If you do not have a bond then we will counter offer to only provide a clearance letter.   Letter costs less than $100. The treatment and Bond is several hundred. The buyer may or may not agree. If the home does not get clearance then you will need to provide a bond. All of this only applies if the offer includes any sort of stipulation for termites. If the buyer does not ask then you are not required to provide anything except if it is a VA loan buyer.  With VA termite letter is required.

Home inspection/home warranty: In almost all instances the buyer will get a home inspection. The inspection will reveal unknown items and the buyer will request that some of the items be repaired. It is negotiable but plan on a repair list coming up after the home inspection.   We can agree to all, some, or none of the repairs. Just understand the the buyer has the right to walk away from the contract if we don’t reach an agreement with them. Instead of repairs we can also offer a monetary compensation in price or closing costs. Sometimes offer a home warranty at a cost of around $500 will resolve it. Sometimes the resolution is a combination of things.

Property taxes: Property taxes will be prorated as of the day of closing. The amount you owe up to that date will be charged to you.  Or if the taxes are already paid for the you you will be credited at closing for the unused portion. If you have been paying in to an escroerw account with your lender then the money in that escrow account is refunded to you by the lender.  You dont get credit at closing but you do get a check in the mail a month or so after your sale!

 

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Topic:
Home Selling
Location:
Georgia
Groups:
Advice for Sellers
Tags:
georgia
closing costs
inspection
termite

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Rainmaker
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Gwen Banta
Sotheby's International Realty - Los Angeles, CA

Great list, Bob. I also remind buyers to have money set aside for moving and installations, which can be costly.

Feb 19, 2018 04:03 PM #1
Rainmaker
3,692,160
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Bob, great list for buyers to be sure they have additional monies over and above their down payment and closing costs.

Feb 19, 2018 06:10 PM #2
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Rainmaker
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Bob Southard

e-Pro - Cobb, Cherokee, North Fulton
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