If we sell our house for 245K, and we owe 232K, the Realtor's commission is 5%, and then there are closing costs. How do we do this? Do we just show up with our check book to pay any money owed? Will there be money left over for us to have any small profit? What do we expect? Do we need to be prepared to have several thousand dollars in cash?
Here are your typical seller costs:
- Marketing Fee/Broker Commission (using 5% as an example*)
- State Transfer/Stamp Taxes ($4.56 per $1000)
- Deed Preparation
- Recording Fees (mortgage discharge)
- Misc Charges (tracking, Fedex & payoff fee, etc.)