Closing costs to sell a US house?
Nov 21st 2006, 12:47 pm
#31
UK & US Citizen
Joined: Jul 2003
Location: New Orleans
Posts: 1,276
Re: Closing costs to sell a US house?
The moral of the story is that EVERYTHING IS NEGOTIABLE!
When I bought my house I negotiated the sales price down by paying more in closing costs (I made out in the long run)
It just has to be written into the sales contract (or counter offer)
When I bought my house I negotiated the sales price down by paying more in closing costs (I made out in the long run)
It just has to be written into the sales contract (or counter offer)
Nov 21st 2006, 1:45 pm
#32
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Closing costs to sell a US house?
Originally Posted by ScousePete
The moral of the story is that EVERYTHING IS NEGOTIABLE!
yup, and the crapper the market, the more leverage you have (obviously)
Nov 22nd 2006, 6:31 am
#33
Septicity
Joined: May 2004
Posts: 23,762
Re: Closing costs to sell a US house?
My advice:
If you're selling, take a 3% + 1% deal = 4%. Here, the buyer's agent will get the "standard" 3% but your seller's agent will only take 1%. At this price you expect your property to be listed in the MLS, a sign outside, and your agent to negotiate on your behalf with the offers -- nothing more.
If you're buying, look to take a suitable proportion of that 3% for your own pocket. It ain't sacrosanct and there are plenty of realtors who will give you a cut in either cash at closing or gas cards. Aim for 0.25% to 0.75% of it.
If you're selling, take a 3% + 1% deal = 4%. Here, the buyer's agent will get the "standard" 3% but your seller's agent will only take 1%. At this price you expect your property to be listed in the MLS, a sign outside, and your agent to negotiate on your behalf with the offers -- nothing more.
If you're buying, look to take a suitable proportion of that 3% for your own pocket. It ain't sacrosanct and there are plenty of realtors who will give you a cut in either cash at closing or gas cards. Aim for 0.25% to 0.75% of it.
Nov 22nd 2006, 6:41 am
#34
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Closing costs to sell a US house?
Originally Posted by fatbrit
My advice:
If you're selling, take a 3% + 1% deal = 4%. Here, the buyer's agent will get the "standard" 3% but your seller's agent will only take 1%. At this price you expect your property to be listed in the MLS, a sign outside, and your agent to negotiate on your behalf with the offers -- nothing more.
If you're selling, take a 3% + 1% deal = 4%. Here, the buyer's agent will get the "standard" 3% but your seller's agent will only take 1%. At this price you expect your property to be listed in the MLS, a sign outside, and your agent to negotiate on your behalf with the offers -- nothing more.
Although to be fair I would not trust someone who was being paid that little to negiotiate on my behalf...
Personally I reckon that most of the time the listing realtor is willing to let the house go for as little as can make the deal happen quickly and its the buyers agent who is the one who makes the price increase if they are with a buyer who has fallen in love with the house.... I know its arse about tits but its often the way it happens....
Nov 22nd 2006, 6:53 am
#35
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,182
Re: Closing costs to sell a US house?
Originally Posted by Ray
What about the IRS witholding tax..........
Indeed...
Nov 22nd 2006, 7:04 am
#36
Joined: Mar 2003
Posts: 68,280
Re: Closing costs to sell a US house?
Originally Posted by Elvira
Indeed...
Nov 22nd 2006, 8:03 am
#37
Who?
Joined: Oct 2004
Location: Stepford
Posts: 3,098
Re: Closing costs to sell a US house?
Originally Posted by Ray
Nobody seems to want to mention that
Nov 22nd 2006, 8:08 am
#38
Joined: Mar 2003
Posts: 68,280
Re: Closing costs to sell a US house?
Originally Posted by jumping doris
What is it? or should I say how much is it?
Nov 22nd 2006, 9:32 am
#39
Tool
Joined: Nov 2006
Location: Playing with the chavs
Posts: 773
Re: Closing costs to sell a US house?
For Sale By Owner.
And as for getting more house for your money in the US....bollox. You may get more space for your money (and even that is doubtful now in most popular areas) but you just get a pile of very expensive 3rd rate wooden beams, breeze blocks and chip board covered in crap rendering to put on it.
Just up the road from us are some brand spanking new brick built goodsized 5 bedroom David Wilson houses, fully specced with Moeben kitchens etc for £260ish k like this:
And as for getting more house for your money in the US....bollox. You may get more space for your money (and even that is doubtful now in most popular areas) but you just get a pile of very expensive 3rd rate wooden beams, breeze blocks and chip board covered in crap rendering to put on it.
Just up the road from us are some brand spanking new brick built goodsized 5 bedroom David Wilson houses, fully specced with Moeben kitchens etc for £260ish k like this:
Nov 23rd 2006, 6:52 am
#40
No income tax no V.A.T.
Joined: Aug 2006
Location: Hookey St. Peckham
Posts: 548
Re: Closing costs to sell a US house?
Originally Posted by Hayley
Loads of info on the forums about buying but can anyone help me get an idea of what costs I'm going to be looking at to sell my US house?
Any input (apart from don't do it
) appreciated! 
Any input (apart from don't do it
) appreciated! Last edited by Rodney you plonker; Nov 23rd 2006 at 6:56 am.
Nov 23rd 2006, 6:59 am
#41
No income tax no V.A.T.
Joined: Aug 2006
Location: Hookey St. Peckham
Posts: 548
Re: Closing costs to sell a US house?
Originally Posted by TruBrit
we've just sold a house and handed over a rather handsome 6% to the Realtors at closing 
i think i'm right in saying the 6% is distributed evenly to your Realtor with the remaining 3% to your buyers Realtor.
i think i'm right in saying the 6% is distributed evenly to your Realtor with the remaining 3% to your buyers Realtor.
Last edited by Rodney you plonker; Nov 23rd 2006 at 8:57 am.
Nov 23rd 2006, 7:04 am
#42
No income tax no V.A.T.
Joined: Aug 2006
Location: Hookey St. Peckham
Posts: 548
Re: Closing costs to sell a US house?
Originally Posted by Hayley
I am using the Realtor that I bought my house with- I know she'll be after top dollar. Don't have the energy for a FSBO. My Realtor is a bitch but she'll be my bitch and I trust her to fight tooth and nail for a good price.
She lives for the job for sure but I work in banking and know from her accounts that she's not hurting in any way. dropping 10 grand a month at nordstrom is a regular thing for her, :scared: perhaps there's just not a lot of Realtor competition where I am?.
She lives for the job for sure but I work in banking and know from her accounts that she's not hurting in any way. dropping 10 grand a month at nordstrom is a regular thing for her, :scared: perhaps there's just not a lot of Realtor competition where I am?.
Nov 23rd 2006, 7:30 am
#43
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,182
Re: Closing costs to sell a US house?
Originally Posted by Ray
Nobody seems to want to mention that
What happens to the IRS withholding tax if an expat, say, sold his mansion and downsized to a condo, and THEN sold and left?
DAK?
Nov 23rd 2006, 7:45 am
#44
Forum Regular
Joined: Oct 2006
Location: Atlanta, GA
Posts: 175
Re: Closing costs to sell a US house?
Originally Posted by Elvira
What happens to the IRS withholding tax if an expat, say, sold his mansion and downsized to a condo, and THEN sold and left?
DAK?
DAK?
Nov 23rd 2006, 8:52 am
#45
No income tax no V.A.T.
Joined: Aug 2006
Location: Hookey St. Peckham
Posts: 548
Re: Closing costs to sell a US house?
Originally Posted by Elvira
What happens to the IRS withholding tax if an expat, say, sold his mansion and downsized to a condo, and THEN sold and left?
DAK?
DAK?
Even when you downsized, the playing field would be levelled by the title company.
Last edited by Rodney you plonker; Nov 23rd 2006 at 8:54 am.
