By Tammy Stoner, FrontDoor.com
When selling your home, it pays to look at the complete financial picture so you are ready to deal. Make a list of the costs of selling your house including:
Realtor Commission There's a 4% to 7% commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5% and 6%, but it can go as high as 10% on vacant land deals. It's a considerable amount of money. If you sell your house for $300,000, the standard 6% cut for the agent will be $18,000.
Closing Costs These can add up to 2% to 5% of the purchase price and include title transfer, any county transfer taxes, escrow charges and other miscellaneous fees.
Property Taxes If you didn't pay all of your property taxes before you sell a house, a prorated tax amount will be included in closing costs. Note: If you pay out of an impound tax (that's an amount tacked on to your monthly mortgage), this does not apply, since your taxes will be paid up-to-date.
Home Warranty Often the seller buys a yearlong home warranty for the buyer.
Pest Inspection Don't worry, this doesn't include a judgment of your nosy neighbor. Just termites.
Repairs Although the buyer pays for the home inspection, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.
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