To accurately determine the value of your property, it is essential to compare it to other properties in the area and make adjustments for size and amenities, as professional appraisers do. We can provide you with a comprehensive list of recent sales in your area, including details on square footage and amenities, and we can assist you in analyzing this information to help establish an accurate value for your property.
What does it cost and what are the closing costs?
Selling a property can indeed come with various costs. Here’s a quick rundown of the basic expenses you might encounter:
Title Fees: Charges for the title search and title insurance.
Escrow Fees: Costs associated with the escrow services during the transaction.
Commission: Typically a percentage paid to real estate agents or brokers involved in the sale.
Transfer Taxes: Local government taxes for transferring the property title.
Mandatory Retrofitting: Area-specific requirements, like safety updates or repairs.
An offer may also include additional expenses, such as:
The buyer asking the seller to cover some of their costs.
Requests for certain repairs or alterations to the property.
These can all significantly impact the final costs and proceeds. To get a detailed and accurate estimate, use our free program, which can provide an instant, printable net proceeds statement with all the costs itemized. (CLICK HERE) I hope this helps! If you have any more questions or need further details, give us a call.
How Much do you Owe on your Property?
Contact Your Existing Lender: Get in touch with your mortgage company. They will provide you with the total payoff amount, which is typically slightly higher than the balance shown on your mortgage statement. Check for Additional Loans: If you have any other loans secured by your property (such as a home equity line of credit), those will need to be paid off as well. If you’re not sure if a loan you have is secured by your property, give us a call and we can help you find out.
Is the Title in my Name?
Believe it or not, as an escrow officer, I’ve encountered many instances where sellers forget that they had added a family member to their title (often to help qualify for a previous refinance), deeded the property into a trust, or are unsure if a deceased person’s name is still on the title. There have also been instances of fraud and clerical errors. To ensure accuracy, it’s always best to verify. We can easily obtain a copy of the last recorded deed for you.
Are the Taxes Paid up to Date?
If your property taxes are included in your house payment, then they are up to date. If you are unsure, please give us a call, and we can provide you with a copy of your tax assessment (tax bill).
Should I use an agent?
If you are not a professional in real estate, I highly recommend engaging an experienced agent. Their expertise can help you avoid numerous pitfalls that may arise during negotiations and inspections. Additionally, in the event of any unforeseen issues during escrow, an agent ensures that your rights are protected. It is important to remember that the seller will most likely be represented by a professional, so having your own representation levels the playing field. I can recommend a reputable and experienced agent in your area. The National Association of Realtors outlines seven benefits of agent representation, which you can find here (CLICK HERE) Engaging an agent is a crucial step in the home-buying process.
Have more questions, we have answers. Give us a call at 818 360-1234.
