I have been a real estate agent in Lafayette, IN for over 10 years. I am often asked “how much does it cost to sell my house in Lafayette?” Unfortunately, it is not a one size fits all answer. Here is the breakdown of the types of fees involved to sell a house. Keep in mind, the types of fees involved can fluctuate on each home.
Basically, most of the fees charged during a real estate sale are based on the sales price of the home. So, the cost to sell your home is different for each home. I can provide a FREE Comparative Market Analysis (CMA) for your home to give you a fair idea of what price your home could sell. The CMA estimate is based on homes that are like yours and have sold recently. Then you have a fair idea of where to start.
Commissions. In our area, the standard fee to be paid to a real estate agent is typically a percentage of the purchase price of the home. A percentage is paid to the listing agent and a percentage is paid to the buyer’s agent. The fees for the real estate agents are paid by the seller. So, a percentage of the sales price will go to the agents working to sell your home. The agents commissions are negotiated between the agent and the seller when the Listing Contract is negotiated.
Transaction Fee. When looking for an agent, be aware of all fees involved. Some listing agents or buyer agents could charge a separate “transaction fee” which may not be included in the initial commission. The Aimee Ness Realty Group does NOT charge an additional “transaction fee.” Be sure to ask any agent you interview if they charge any fees in addition to their commission.
Photography Fees. When putting your home on the market, typically the listing agent will take photographs or hire someone to take photographs of your home and property. A separate photography fee could be involved. The Aimee Ness Realty Group does NOT charge an additional fee for photography. We will provide quality, professional looking photos of your home at no additional cost. Again, be sure to ask any agent you interview about all fees they charge to their clients.
Title Fees. The title company works up the paperwork to transfer the title of the home from the seller to the buyer. Title companies each charge a different amount for closing fees and such. You are welcome to contact the title companies to ask for a quote of their fees to get the most accurate estimation of closing costs. Some companies even offer online quote calculators.
Taxes. Keep in mind there may be taxes still owed on the home. Taxes are paid in arrears. This means taxes owed in 2019 are paid in 2020. You may have some responsibility to pay the remainder of the taxes from the previous year or a portion of the current year. You can find tax information here. If you have a mortgage on your home, your mortgage company’s escrow department can help you sort out the taxes you owe.
Other miscellaneous fees to consider. Keep in mind other fees can pop up. If you have a mortgage on your home, there could be fees associated with the payoff of your loan. Check with your mortgage company about these fees, or discuss them with your lender if you are going to purchase a home after the sale of your current home.
Homeowners Association. If you live in a community with a Homeowners Association, you may be responsible for the prorated portion of the HOA fees.
Home warranty. During the negotiations of the sale, a buyer could ask for the seller to purchase a home warranty for them. This will be an additional cost to pay at closing. You will see this fee written into a purchase agreement (the buyer’s offer), and can determine if you want to purchase the warranty for the buyer or not.
Buyer affiliated fees. Read the purchase agreement carefully when you begin to get offers on your home. Buyers could ask the seller to pay their closing costs or other fees for them. These fees can be negotiated between seller and buyer before an offer is accepted.
Buyer’s Inspection Response Repairs. A buyer could ask for some items in the home to be repaired or replaced. These items will be agreed upon during the inspection process. Once repairs are agreed upon, it is the seller’s responsibility to pay to fix the item, or possibly give a credit to the buyer.
I understand this article does not give a flat hard number of the cost to sell your home. Since every situation is different, I would be happy to prepare a net sheet specific to your situation at no cost or obligation to you. The net sheet will give you a more accurate estimation of the costs and potential profit involved in selling your home.
Feel free to contact me to discuss further the costs to sell your home. Since each home is different I can sit with you to determine the best estimate of costs and answer your real estate questions at no cost or obligation to you. Call or text 765-418-3969.
For current market information for your Lafayette and West Lafayette communities or a free consultation, contact The Aimee Ness Realty Group Indiana. Our team with over 10 years of local experience, has your back to find your dream home, or sell your current home.