Home Sellers in Citrus Heights How Much are Closing Costs?
So you've accepted an offer on your Citrus Heights house and are anticipating a sizable profit when all is said and done. But then you're faced with all those closing charges at the end of the transaction, when it's time to close. Those charges may not be too much of a burden if you have a lot of equity in your house because they'll be subtracted from the sale earnings. However, it still reduces your profit, and you must be prepared for this. Let's take a deeper look at how much house sellers in Citrus Heights have to pay in closing expenses.
What Is Closing?
Closing is the final stage in the home selling/buying process at which money and documents are transferred so that ownership of the property can be transferred from the seller to the buyer. Basically, it boils down to this: both the buyer and the seller fulfill everything they agreed to in the contract.
To clear the title, the seller pays off all of the house's loans at closing, and the buyer and her lender subsequently wire transfer monies to cover the remaining sum. Closing is usually handled by a third party, most commonly an escrow company. This guarantees that all transactions involving money, documents, and other goods are completed correctly.
Common Seller Closing Costs
Buyers often pay much of the closing costs, but sellers also bear much of the financial burden at closing. Here are some of the costs you’ll be facing at closing as a seller . . .
Agent Commissions
“Real estate agent commissions are the most significant closing cost the seller typically pays.
It's typical for the seller to pay both the listing agency and the buyer's agent's commission. This normally means a 6% damage to your bottom line, with each agent receiving 3% of the home's selling price. That would be $15,000 on a $250,000 property sale."
That is certainly a substantial sum of money, but many people are unaware that agent commissions are negotiable. Contact a Property Sales Group agent at 916-990-7376 for additional information.
