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Sellers closing cost?
Posted on 4/19/16 at 8:29 am
Posted on 4/19/16 at 8:29 am
Have a rental house. Hasn't been going well with tenants staying. Last ones wanted out after 2.5 months due to separation. We came to amicable terms they move out. Neighbors daughter and husband ask to see the house if we are willing to sell. Wife and I decide we are. They are pre approved, make an offer, we accept. No realtors involved. House in St. Tammany. What types of CC should we be expected to pay? Has been a while since we have sold any property. Selling price is 250k FWIW.
9
Posted on 4/19/16 at 8:32 am to achenator
make buyers pay cost
Posted on 4/19/16 at 8:33 am to achenator
they made the offer with no closing cost stipulations? Generally that is part of the offer. (ie $250k house, and offer may be made for full asking with the stipulation that you pay half or all of closing) I would think since they didn't state their intentions in regards to closing they are required to pay. Generally closing is the amount it takes to fund the escrow for the insurances and stuff.
Posted on 4/19/16 at 8:34 am to Royal
quote:
make buyers pay cost
Yes I understand. But isn't there something considered "normal" when figuring who pays what?
Posted on 4/19/16 at 8:34 am to achenator
That's a tough one with a lot of unknown variables. Pics of neighbor's daughter and your wife would help.
Posted on 4/19/16 at 8:36 am to PsychTiger
If I recall correctly the buyers are responsible for closing costs unless they have negotiated something different.
Posted on 4/19/16 at 8:37 am to achenator
no agent, pay or split closing and be done with a headache investment.
you are talking ~7,500.....what's your equity in the property? If less then , debate does the note payments for the next 4-6 months offset the paying of closing costs and you'll probably need to make some seller concessions anyway then too.
be done, move on
you are talking ~7,500.....what's your equity in the property? If less then , debate does the note payments for the next 4-6 months offset the paying of closing costs and you'll probably need to make some seller concessions anyway then too.
be done, move on
Posted on 4/19/16 at 8:40 am to achenator
norm is buyer pays closing. mostly related to title attorney and mortgage issues, which aren't your concern. you'll be responsible for expenses you would normally pay up until the date of sale (eg property taxes for that period).
Posted on 4/19/16 at 8:55 am to lsujro
Yeah, the buyer is expected to pay unless they otherwise get it in writing when they make an offer. You don't have to pay anything unless you want to. They also get to choose the title company.
Posted on 4/19/16 at 9:04 am to achenator
quote:
They are pre approved, make an offer, we accept.
If their offer didn't ask for closing costs, then you don't pay any..
Posted on 4/19/16 at 9:15 am to achenator
I would factor 3% for closing costs. If using an agent, add 6% more.
Not knowing LA real estate laws and requirements I can't state what types would be involved.
Not knowing LA real estate laws and requirements I can't state what types would be involved.
Posted on 4/19/16 at 9:18 am to Quidam65
Seller may have less than $200 worth of closing costs depending on the situation and if you have a payoff for the title company to make.
Posted on 4/19/16 at 9:34 am to achenator
'round here buyers and sellers commonly split title search, title insurance & closing fee 50/50. Buyers pay for their own appraisal, inspections, loan fees, etc.
Posted on 4/19/16 at 9:39 am to achenator
you pay cost to record cancellation of mortgage after payoff, and real estate agent commission, if you signed a contract with one. There is no "normal" amount of buyer's cost that the seller pays. without a contract stipulating seller pays, then all is on buyer.
Posted on 4/19/16 at 9:53 am to piratedude
Yes they know they are paying closing costs. Me not having an agent and them paying CC was built into the agreed price. I just didn't know if there were any normal CC that sellers pay besides maybe taking care of the payoff. We owe little bit but we have really good equity due to us owning the lot outright when we built the house 13 yrs ago plus some appreciation. Plus we refi to a 15 5 years ago.
Posted on 4/19/16 at 9:55 am to achenator
I always thought it was "normal" for the buyer to pay closing unless that is negotiated before-hand.
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