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When you are looking to sell your home most sellers priority is how much will I sell my home for and what is it going to cost me. Essentially how much money will I have when I am finished with this transaction? We at Idaho Real Homes pride ourselves on empowering you our sellers with as much information as we can get to you.
I am speaking in Generalities Here: All fees are subject to negotiation and every situation is different.
You are going to have whatever you agree upon for commission typically split 1/2 to the buyer’s agent and the other half to the listing agent. That is also subject to change potentially soon. Be sure to check out our contract series on Agency so that you understand who is working for who prior to discussing all of your plans on selling your home with a variety of agents.
You as a seller will typically provide sellers title insurance, pay all Idaho State property taxes up to the day of closing, and a few miscellaneous title company fees. Typically running around 2% of the sales price. Remember Idaho Pays their taxes in Arrears meaning that the tax bill that you last paid was for the year before.
If we are helping you with a Washington Home you can plan on that being about 4% plus the commissions that you agree upon. You have your excise tax in Wa to pay and that is almost 2% of the sales price.
Utilities: Paying all your utilities up to the day of closing is one thing to consider. If you have a Propane tank you want to make sure that you are adding that into the purchase and sales contract for your buyer to pay for the fuel left in the tank. Quite often the title company will withhold all utility payments out of your proceeds to make sure that they are paid in full. So sometimes you will be waiting on a refund for those. Not typically a lot of money but if you are counting on every penny that is something to consider.
Lender Fees: Depending on what type of loan you have you may have pre-payment penalties or PMI insurance payments etc. An FHA loan charges your PMI insurance at the beginning of each month. So for instance if you were due to close at the end of the month and the sale pushed into the next month you could end up paying your whole month of PMI insurance even though you only had a loan payment due for a few days. Some things don’t prorate. Be sure to Contact us for questions we are happy to advise you on how to find out if any of these things apply to you.
Buyers Closing Costs: Depending on what you are selling you will sometimes be asked to pay the buyer’s closing costs. This is pretty typical with starter homes that you would expect a lower down payment on and sometimes folks just use it as a negotiating technique to keep more money in there pocket. Maybe they want to do a lot of improvements or have other uses for the cash and want to wrap the closing costs into the loan. This is sometimes a big shocker when someone asks for 3% of buyers closing costs. Typically this is wrapped into the sales price it is not potentially a big deal unless the property will not appraise for the total sales price. But it does come out of your net proceeds so an expense you want to at least anticipate could come in so that it doesn’t catch you blind. Much easier to think about this as a possibility prior to it looking you in the face and knowing you have to make a decision on it today. And remember everything is always negotiable.
We understand how hard it is to sell your home and we understand how you want reassurance that we are actually working for you. That is why we offer a communication commitment just for you! You tell us how you want to be communicated with and our promise to you is that it will happen! If it does not you are welcome to fire us the very next day! No Questions Asked! We are committed to providing you with Great Service!
Want to discuss how we would market your home for you? Be sure to contact us and we are happy to lay out a plan for your specific property. And always remember you are always welcome to stop in and talk shop with us get to know us over a cup of coffee and learn how we can be a valuable asset to your home selling team. We Look Forward to helping YOU!