Listings,New Construction,Buyers,Foreclosure,short sale and all the active homes in the Northern Virginia area including Fairfax, Loudoun, Prince William, Arlington & Alexandria.
Welcome to Ritu Desai- Fairfax/Loudoun County Realtor in Northern Virginia Sign in | Help

Fairfax, Loudoun County Virginia -Residential Real Estate Market Blog

Keep yourself up to date with the Northern Virginia Real Estate market and other local Northern Virginia information. Have a question or thinking about buying or selling home call Ritu Desai at Samson Properties at 703-625-4949 or email me at Info@eNOVAHomes.com.

Tags

News

  • Northern Virginia -Fairfax, Loudoun, Alexandria, Arlington & Prince William Blog, real estate Market condition written by Ritu Desai at Samson Properties.
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:

Realtor Commission:

This is your biggest cost while selling your home. For Example: When you selling using my service as a Samson Properties Realtor I 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 disclose upfront.

Grantor Taxes:

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.
b. 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.
c. 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.
d. 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 to $650.
e. HOA/Condo Disclosure Package fee: If 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.

Adjustment/Pro-ration:

1. Depending on the month you are closing you may have to pay balance of your taxes for 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.


Other Expenses:

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.
2. Repairs: With home 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


Bottom Line:

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.


Comments

No Comments

Leave a Comment

(required)

(required)

(optional)

(required)

Comment Notification

Subscribe to this post's comments using RSS