Northern Virgina Home Seller Guide- How much it will cost to sell my Northern Virginia Home?
Biggest question any home owner who is planning to sell their home
is what is cost him/her to sell their home. Whether you live in Fairfax,
Loudoun, Prince William, Arlington or Alexandria in the Northern
Virginia area your costing cost breakdown is as below:
This is your biggest cost while selling your home. For Example
: When you selling using my service as a Samson Properties Realtor
charge 4.5% commission of sales price with full service on a regular
home sale of your Northern Virginia home. If you list your home for
$525000 and get accept a contract on your Fairfax home at $500000 you
will owe Realtor commission of $225000 ($500000 *4.5%). As a Samson client 4.5% includes commission for both the listing agent and selling agent side. However each
Realtor and their office have different commission structure. Before you
decide whom to hire you should compare the marketing efforts Realtor
will be doing to get your home the best exposure in the market. If the
office is limited service or discounted broker they will have to
Whether you are selling your home using Realtor® service or as a For Sale By Owner every
home seller in Virginia has to pay Grantor's tax. The way it is
calculated is it is 1% of the sales price or your property assessment
whichever is higher. For Example: You are selling your home at $500000
however tax assessment on the property is $550000 you will $550 as tax.
Settlement/Title Company Fee:
Whomever you hire as your closing agent you will have to pay fees
for their services. Some of the fees I have seen in my experience are:
- Attorney's Deed Preparation fee
- Lien release fees (If 2 loans 2 separate fees)
- Closing/Settlement agent fees
- Courier Fee
- Digital Archival fee.
You should compare fees between couple of title companies since it may vary drastically and you can save some additional money.
Others Fees that can affect your pay off:
a. Closing Cost/Seller Subsidy
This would be the second largest cost to you as a seller if the buyer
has requested you closing cost assistance. I have seen anywhere from
less than a 1% to 5% as closing cost fee.
. Pest Inspection
This can cost you anywhere from $35-$75 for pest inspection. Buyer's
lenders require a clear termite certification before they will allow
buyers to close on the home.
. Home Warranty
Many of the buyers apart from the closing cost or may just ask for home
warranty that will cover buyer during first year of the home owner
ship. The cost varies from warranty companies to companies average is
around $550 for a town home.
. Realtor's Office Fee:
Apart from the commission a Realtor's office may have a fee charged to
the seller. For Example Samson Properties we charge $245 per
transaction. However I have seen other offices in Fairfax area charge up
. HOA/Condo Disclosure Package fee:
you live in a Planned Development Virginia Jurisdiction requires you to
provide HOA/Condo disclosure package to the buyers prior to closing.
However you can pay for the documents at closing rather than upfront out
of your pocket.
1. Depending on the month you are closing you may have to pay balance of your taxes
the period you owned the home. Remember if there is any balance left in
your escrow account for taxes you will get a refund.
2. Same goes by for Condo or HOA fees
, if you have not paid or have already made for your HOA/condo fees you will receive credit or charged for it
3. Propane or other lease
charges: If you have lease and the appliance convey with the property you can receive a credit or debit for the appliances.
1. Capital Gain taxes:
Contact your accountant before you put the home on the market if you
have to pay for capital gain taxes on the property you are selling.
inspection buyers may find issues that you may have not known or have
over looked to repair. You should plan to keep aside some funds to pay
for repairs needed. There are home repair companies that will allow you
to pay at closing. Speak to your contractor.
3. FIRPTA Act:
If you are a foreign
You can download IRS Guide to selling your home
Ask your local Realtor® for a seller net sheet that will help you to
itemize all the expenses and understand your bottom line. If you want a
seller net sheet for Northern Virginia
please contact me I will be happy to email you.