If you need assistance, please call 509-590-4701

How Much Money Will I Get? Know the Costs to Sell BEFORE You Accept an Offer on Your Home!

Wednesday, December 04, 2019   /   by Elizabeth Sorensen

How Much Money Will I Get? Know the Costs to Sell BEFORE You Accept an Offer on Your Home!

The number one question looming in a seller’s mind when considering whether to sell their home is, “How much money will I get.” Closing costs for sellers are obviously different than a buyer’s closing costs which are heavy in loan fees. These closing costs vary according to where you live, but as the seller you can expect to pay anywhere from 6 to10 percent of the home's sales price at settlement/closing. This won't be cash out of your pocket, rather it will be deducted from the profit on your home — unless you are selling with very low equity.

Let’s look at a break-down of the expenses you can expect to see on your settlement statement:

#1- Mortgage Pay-off- Unless your home is paid off, you will obviously have an underlying loan to pay-off when selling your home.

#2 Real Estate Excise Tax- Also known as the REET, this amount varies depending on the area.

The Legislature changed the state REET rate for most sales of real property in Washington from a flat 1.28% of the selling price to a graduated rate structure, as follows:

  • 1.1% of the selling price below $500,000;

  • 1.28% of the selling price between $500,000 and $1,500,000;

  • 2.75% of the selling price between $1,500,000 and $3,000,000; and

  • 3.0% of the selling price over $3,000,000.

#3 Agent Commissions- This can vary as well, but expect 4-6% in our area.

#4 Title Insurance- As a seller, you will be required to pay for an owner’s title policy to cover the buyer’s against any future issues with the property’s title.

#5 Escrow Fee-This is the fee both the buyer and seller pay equally to cover the costs of escrow.

#6 Property Taxes- the seller is responsible to pay the property taxes up to the day of closing. 

#7 Reconveyance Fees

#8 Recording and Transfer Fees

#7 Miscellaneous Fees- Any liens or special assessments still owing on the property, prorated HOA dues, utility pay-off and any previously agreed closing costs or seller concessions that you’ve agreed to pay on behalf of the buyer. 

When I present offers to my sellers, I always give them a “seller-net” sheet in which each offer is broken down and the seller can see the actually net offer once each of these expenses or buyer requests are accounted for. Buyer’s can ask for many things in their offer- home warranties, seller-paid concessions (where the seller pays the buyer’s closing costs as well), HOA transfer fees, repair requests, assumable assessments to be paid in full, and much more. Many sellers don’t know that certain buyer loan types cost the seller more.

Make sure you know every detail of the contract and are clear of the net offer before you accept it.

If you have any further questions about buying or selling your home, reach out to me!

Elizabeth Sorensen

Haven Real Estate Group



  spokane real estate, selling home, home selling, home seller tips, getting ready to sell, buying and selling a home, haven real estate group, tips, real estate agents, listing, spokane realtor, sellers, zillow, realtor, home seller's guide, negotiation, spokane wa, selling a house, first time home seller, spokane, for sale by owner, elizabeth sorensen, closing, selling my home in spokane, what to expect when selling your home, what to expect when selling, closing costs

Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS.
MIMLS The data relating to real estate for sale on this web site comes in part from the Spokane Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Haven Real Estate Group are marked with the IDX logo. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Haven Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Copyright 2020 of the Spokane Association of REALTORS® MLS. All rights reserved.