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Wednesday, February 24, 2010

Expenses To Expect When Selling Your Home

It is a known fact that when you purchase a home you will have many different expenses related to the sale. It is important to know as well that when you sell your home, you will also have expenses that will be required. Below is a list of some of the most common costs that come with selling your home.

Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they’re not due yet. in addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Excise Tax: Washington State has a 1.78% Excise Tax placed on the sale of your home. That's $1,780 additional expense for the seller for every $100,000. This is even charged to the banks in the case of a Short Sale

Brokerage Commission: Typically there’s a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, so be sure to account for this cost when pricing your home and figuring up your expenses that come with selling your home. The Cascade Team provides Full Service Brokerage services for a total of 4%! More Details HERE

Home Inspections: Although the buyer pays for the home and pest inspections, it’s a good idea to get your own inspection before putting your house on the market. This way you’re aware of any hidden problems before selling.

Prepayment penalty: Many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation.


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