Realtor is showing your home.
Underestimating Closing Costs
Many sellers only consider the money they are selling their home for. They don’t appropriately calculate all the costs associated with the sale. Ask your Realtor What you should expect and to estimate your closing costs. The following is a list of expenses you can expect as the seller: • Real estate commission. • Attorney, closing agent and other professional fees. • Excise/Gains tax for the sale, if applicable. • Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees and utilities. • Any other fees sometimes paid by the seller (appraisals, inspections, buyer’s closing costs, etc., where appropriate).
FSBO (For Sale By Owner)
Some homeowners choose to sell their residence without a real estate agent to get around paying a commission and make more profit. Forty-three percent (43%) to forty-eight (48%) who sell without a real estate agent think that if they sell themselves, they’ll end up doing a little extra work in exchange for not paying a commission or closing fee. According to the research, however, what they actually get is a lot of time spent hustling to make the sale and a final selling price that is less than what the market can bear. Rarely does a seller save money when choosing to sell the house themselves and often logistic and/or contractual errors are made that end up costing even more money. Statistically speaking, FSBO's are simply not a good idea and often end up costing more money.
Forgetting to Cancel/Switch Utilities and Insurance 63
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