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What Costs Should I Expect When Selling My Home?

Friday, November 22, 2019   /   by Jo Skipper

What Costs Should I Expect When Selling My Home?

What Costs Should You Expect to Cover When Selling Your Home?


If you are in the market to sell your home, one of the most important factors is knowing how much you are going to make from the sale of your home.  This number is calculated from deducting many different items included in the sale of your home. You need to have a rough idea of this number for a number of reasons such as:  how much you can put down on a new home, the profits you made from selling an investment, or how much money you need to bring to the table to close. These are just a few of the reasons.  


Let’s cover the items that will be deducted from the sales price of the home here:


  1.  Escrow Fees.   The seller and buyer will split the closing escrow fees.  This is on average under $500.  


  1. Any work or deductions for repairs from the appraisal or inspection report.  If work was requested of you to do in order to close, this will be deducted from the overall total you receive on the home sale.   


  1. Real Estate Commissions.  These costs are deducted from seller proceeds. 


  1. The title insurance.  This is insurance from the title company to cover the transaction in the event of any unforeseen issues with the title.  While this rarely becomes an issue it is an immense risk to take without having a home sale insured.  


  1. Payoff of existing mortgage.  This amount will vary for every seller.  If you are lucky enough to have paid off your mortgage prior to the home sale then you should give yourself a pat on the back.  


  1. According to the contract you will have to pay off most of the special assessments for the area in which you live.  If you have had any improvements in infrastructure in recent years, many times this will be reflected in a special assessment and tied to your home.  This will most likely be found at the title company if you have a question on this issue. 


  1. Any unpaid taxes, liens,utilities,  or judgements. These will all be deducted by the closing company to pay off any existing balance.  


  1. Excise tax.  This number is currently 1.78 for Spokane County.  The tax man always takes their portion.  


All of these figures will vary across every transaction.  It is important to know how much these will amount to roughly so as a seller you will be able to know where to stand going forward.  Work with your Realtor to obtain an idea of what these figures will be in your transaction.

 

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

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