Little Known Costs of Selling a Home
Selling a home is more than just finding an experienced and trustworthy real estate agent, putting up a sign, and posting a listing online. There are many factors that go into the sale of a home and some of those come with added costs. The best way to be prepared for these is to be aware of them so you can plan accordingly.
If your home is in need of any minor repairs it is best to get them done before listing the home to help it sell faster. If a home has a significant number of repairs or major repairs that cause concern with the lender after receiving the inspection report, they may not approve the buyer’s loan until they receive proof that the repairs have been made. At this point either party has an option to back out of the deal which means the home goes back on the market. If you want the sale to finalize you will need to pay the cost and have the repairs performed.
If your home is older than 30 years, you may need to order a survey to determine the legal property lines of the lot your home is built on. This can cost anywhere from $250 to $1000 depending on the size and shape of the property.
Many home sales include a bit of negotiation when a buyer submits an offer. It is not uncommon for buyers to include conditional requests in their offer. Some of the most common requests include: paying a portion of the closing costs, leaving appliances, or taking a lower offer to account for needed repairs. It is totally the decision of the seller whether they will pay these concession costs, but you may find under the advice of your realtor the cost is worth it and minimal compared to making the sale.
These are not just the responsibility of the buyer, they have their own separate set of closing costs. These are costs that are required to close the sellers portion of the sale. They can include things like mortgage insurance, pro-rated property taxes, title insurance fees, loan processing costs, insurance charges, and recording the deed. These costs are subtracted from the amount you receive at closing and can be anywhere from 3 to 7 percent of the selling price.
Liens are recorded against the deed of a property at the Local Register of Deeds Office and prevent your ability to transfer the deed and finalize your sale. Any lien against your property must be paid in full or if it was wrongly enacted must be disputed in court. All liens must be cleared before you can sell your home.
For more information on selling a home in Columbus or surrounding areas please contact us any time.