122: The Cost of Buying and Selling Real Estate
“…Don’t hire an agent due to how much they cost…”
We all know buying and selliing real estate is a pricey experience. Right?! but How pricey? Lets’ dive in and take a look and what a price breakdown would look like.
A few things to remember before diving into the breakdown:
-You don’t want to hire an agent SOLEY based on their price. YOU WILL get what you pay for. IF you want results you have to pay for a GREAT agent
- BE AWARE OF THE CONTRACT YOU ARE SIGNING
-*** KEEP IN MIND not all fee’s will be named or titled the same thing ***
________________________________________________________________
For our BUYERS- your breakdown will ROUGHLY look like this
Closing statement is broken down
- Ernest money
- Down Payment
- Property taxes
- Seller credit * not every transaction*
- Title charges. (buyer and sellers will pay related to home loan)
- Escrow Charges ( 3rd neutral party )
- Lender charges - Agents have nothing to do with these fees
For our SELLERS- your breakdown will ROUGHLY look like this (there are A LOT of fees that are associated with selling your home… while SOME of these fee’s are negotiable there are also some fees that will be named/titled something different on your closing documents.)
-Biggest fee is what you owe on the property
-Mortgage to pay off
-Mortgage lender
-Interest on the principle
-FHA insurance
-Taxes
-HOA payoff fee [negotiable & buyer may offer to pay all seller fees]
-Seller can offer a credit
-Seller commissions
-Buyer and listing agent commissions * negotiable *
-Home warranty
-Termite repair
-Inspection
-Natural Hazard and Report - (click here to tune into episode 34)
-Charge payback *dependent on escrow company
* upfront fee’s escrow may have paid to secure documents *
-Title taxes and recording ( LOTS of little title fees will be lumped into this section):
-Transfer fee’s also ( Mostly city transfers)
-Escrow Fee’s
-Primary fee
-Processing fees
-Title drawing grant fee
-Signing fee - notary fee
-Title messenger fee - getting documents to county recorder
-Title archive fee
See You next week for a new episode!
______________________________________________________________________
To dive deeper listen to the full episode
on your favorite podcast streamer below.
-> Apple
-> Spotify
______________________________________________________________________
Extra Real Estate with Soul Links you can’t miss!
Are you SUBSCRIBED to our YouTube Channel?
Subscribe at https://www.youtube.com/c/LoriAlvarez and tell us you did by messaging us on our
Felt inspired by this episode? Let us know! We'd love to hear from you by leaving our Podcast a review. And you just might get a special shout-out on the podcast! Thanks for choosing to spend your time with us!
Want more behind the scenes?
Like our Real Estate With Soul, The Podcast Page on Facebook
Disclaimer: Please verify all information with the licensed professional of your choice.