Many buyers and sellers of residential real estate are surprised by the expenses associated with transactions. The following expenses may be anticipated when buying or selling a San Diego home:
Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they’re not due yet. In addition, some buyers will ask the seller for help with other closing costs as part of the negotiations. Closing costs typically run about 2% - 3% of the price of the home.
Brokerage Commission: Sellers will typically pay a 5% - 6% commission on the sale price of the house if they opt to utilize an agent. The Cascade Team Real Estate (CCT) provides Full service for a total of 4%! Check out the commission grid below illustrating the savings and Click here for more details.
Home Inspections: Although some homes--notably foreclosures--are sold "as is," it is recommended that both buyers and sellers to obtain a home and pest inspection. Most homes have at least some unidentified problems and a little due diligence goes a long way towards closing a transaction.
Prepayment Penalties: Many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print. There are no prepayment penalties on FHA, VA or conforming loans. Additionally, prepayment penalties are not permitted after 5 years.
Please call a CCT real estate agent/broker for further explanation or a professional consultation.
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