Everyone knows that real estate agents cost five to six percent of the selling price, but there are a few other fees you may not know about. We’ve made a list of three hidden costs when selling a home you should know about so you can make as much money as possible on the deal. Professional AppraisalWhile real estate agents will help you come up with your listing price, they don’t always pick the perfect number. You may be thinking, “Why not list the price a little high? Won’t buyers make the offer they want, anyway?” When many buyers see a price higher than they expect, they assume the seller is unreasonable and could put up a fight when it comes to negotiations. This could make them ignore the house altogether. On the other hand, if you price your home too low, you’re leaving money on the table. A professional appraiser will figure out the best price for your home, based on the area and any amenities your house offers, but their service will set you back $300 to $500. Seller ConcessionsDuring negotiations, the price will naturally fluctuate between offers. Many first-time sellers don’t know, however, that there’s more to negotiate than price. Buyers could decide to purchase the house conditionally—for example, if you agree to replace the old water heater or leave your living room furniture. These concessions can leave you with a better selling price but with more work to do (and more money to spend). Closing CostsIt’s easy to forget about closing costs once you’ve sealed the deal, but they’re important to consider (they’ll total three to seven percent of the sales price). Pro-rated property tax, mortgage insurance, insurance fees, and recording the deed all cost money. Luckily, the buyer and seller usually split these costs evenly. Even so, remember to factor these in when you see (what appears to be) the final price. Now that you know these three hidden closing costs when selling a home, we can help you sell your house as-is in Elgin. Contact us, and we’ll help you through this process!
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AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
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*Members of Direct Property Buyer have real estate licenses held by Spartan Residential.
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