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How much are Closing Costs.

Most sellers want to know the costs involved in selling their home.  This is a good idea; especially if you are planning to purchase another home or not sure if you will have enough to pay off your mortgage or other liens against the property. 

Where can you get an Estimate of Closing Costs?  Some Title companies now offer Estimated Closing Costs (ECC) or Good Faith Estimates (GFE) on their websites. 

Oregonhomesbyowner.com has researched a few title company websites with GFE calculators***.  This is a great way to independently calculate your savings as a "BY OWNER" vs. "Traditional" listing services.  It also helps to get an idea if closing companies charge different rates.

We have found a few companies that have online ECC & GFE calculators:

By Law commission is negotiable; while we recommend you offer between 2.5% and 3% as a way to entice Brokers to show your home we do not require a set rate, you can offer a percentage (based on final sales price) or a flat dollar amount (regardless of sales price).  Oregonhomesbyowner.com requests that you do not offer compensation lower than 1.5% or the equivalent dollar amount when using our services.  The amount of compensation must be indicated at time of listing and is available for Brokers only to view in MLS.

Keep in mind that in addition to Broker Compensation there are other costs involved in selling and these costs continue to increase.  Here is a list of most standard costs, plus some you may not be aware of:

  • Title Insurance: this is a fixed fee determined by the sales price of the property
  • Escrow Services: in most cases this fee is split between Buyer and Seller.
  • Additional Escrow Fees:  may include fees for loan payoff, wire transfer, appraisal waiver, etc.
  • Optional Fees:
    • Buyer Closing costs:  Fees usually requested to be paid for the benefit of the Buyer.
    • FHA & VA Funding Fees: If a Buyer is obtaining an FHA, VA or other program type loan, there may be fees they cannot pay that is expected from the seller.  ASK THE TYPE OF LOAN BUYER IS GETTING.
    • Transfer Taxes; some areas may have local transfer taxes, check with your Title Company
    • Local Assessments; Liens for sewers, sidewalks, storm drains or other "improvements" may appear on your title report.  I many cases Buyers do not want to assume this liability,  It is wise to check with your Title company to confirm if any exist and disclose to buyers.
    • Inspections; usually negotiable with Buyer as to who will pay for inspections
    • Repairs; usually required for government (FHA, VA) or special program loans.  In some cases will require negotiation with buyer.  We recommend having a Pest Inspection when you list your property; this could save you thousands of dollars once a sale in underway.
    • Home Warranty: another fee that is negotiated with Buyer usually when offer is submitted.  Home Warranties are a great tool when selling and offer some peace of mind after closing.

If you have additional questions please do not hesitate to contact us.

 

*** NOTE: Oregonhomesbyowner.com does not give legal advice, if you have a question about closing costs, title issues or other legal questions please contact a competent real estate attorney.  We do not endorse any specific Title Company or recommend solely on the GFE or ECC you utilize; actual closing costs may be different based on the terms of your sale, loan payoff's, other liens.