How Much Does It Cost to Sell My Home?

The costs to sell a home vary based on the commission you pay and whether or not you pay any of the buyer's closing costs.

Commissions are not set in the real estate industry.  Each real estate agency has its own policies.  In fact, even discussing commission amounts between real estate agencies is prohibited to avoid any price fixing.  

Commissions are established in a seller's agreement with the real estate agency.   Out of the amount the seller agrees to pay, the real estate agency then offers, in most cases, to share the fee if another real estate agency brings the buyer.  

If you agree to pay "X" to the real estate agency, the agency will then offers to pay "Y" to another real estate agency.   Thus, the company with whom you sign an agreement with does not make "X" dollars but will make "X minus Y" because they agreed to share the fee.  

Some companies share less or more of the fee than others.   As a seller, you need to understand what makes you competitive in your area.  This information is in the listing agreement you make with the listing company.

The other major cost is whether or not you pay any of the buyer's closing costs.  Why would you do this?  Because it costs a buyer so much in downpayment, they may need help to cover all the costs.  When Mary Ann Cochran shows you information on what other SOLD homes went for, she will share with you how much of the closing costs a seller paid.  

Other costs have to be paid but are lesser.

The state of Virginia charges a one per cent transfer fee.

The settlement attorney will charge to prepare the deed and other documents.  This fee is usually in the

$400-700 range.

You will have to have a termite inspection ($60-90) and do any treatment if required.  If there is damage, you would have to fix it.  These latter items vary in costs by company.

You will pay off any mortgages you owe.

You will pay any prorated interest, taxes and home owner dues.

You will receive a credit for any retainer fee, if creditable, you paid plus any credit for taxes you paid.

You will pay an administrative fee to the real estate agency if they charge one.  MacCochran Group, L.L.C. does not charge this fee.

If you have a home equity loan from which you draw funds, and you are actively using it up until settlement, you may owe the lender some funds if the title pay off amount preceded your using more funds.

When you talk with Mary Ann Cochran, she will give you an estimate of what your costs will be.