So you've gone through the entire sales process of selling your home. You've gone through the pre listing, listing, showings, negotiations and navigated the contract. Now you're about to close and you get sent all the fees and charges you'll be charged off off the gross sales price of your home. Ouch.
Hopefully, you're listing agent has taken you through this on the pre listing work, but it still hurts. There are some big numbers in there. Owner's Title Insurance, Real Estate Commissions, Closing Fee, Loan Payoffs, Property Taxes, and Utilities estimates to name a few.
Fortunately we have gone through the last 10 years with a VERY strong real estate market and if you've bought some time at least 18+ months ago, you should have sufficient equity in the home to pay all of the charges and fees and still possibly walk away with some money.
8% is a good rule of thumb for the cost of selling a home. 8% of the gross sales price. So, if you're going to sell your home and you've got it under contract for $500,000, it is going to cost $40,000 to sell this home. That means, that unless you have to pay income taxes/capital gains taxes, you need to have a loan of LESS than $460,000 to walk away with some money.
Seller's Settlement Statements are hopefully a time for celebration, but can be a time for stress. Go into a sale with the knowledge and understanding of the costs. If you'd like to discuss a settlement statement, I'd love to be an ear.
If you have any questions about the real estate market in Fort Collins, whether that be investing, buying your personal home or selling, I would love to be of assistance and help you along the way.
Thank you for watching!
IG: patsouk_re
Email: patrick@soukuprealestate.com
website: www.soukuprealestate.com