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The Financial Review
This review has been constructed to provide the Seller with an overview of the costs associated with a closing.
Mortgage Fees
Few sellers know that they may be charged a fee if they do not inform the mortgage company of their intent to sell the property. Most lenders, without prior notice, will charge an additional fee of about 1% ($700-1,300, based upon a home in the $70-130K range), depending upon the loan type. This fee just reduces your proceeds when the home is sold.
-Your Loan balance will be the first item paid off in the transaction.
-Liens and/or Judgments are second.
Closing Costs
Sellers usually contribute towards closing costs at a percentage that does not normally exceed 3%; however, this is always negotiable. 95% percent of all homebuyers don't have up front money and typically require financial assistance. Paying a portion of the closing costs is an attractive buyer incentive and only sells your home quicker.
The Closing
You've met all the requirements of the contract and the buyers have fulfilled their obligations as well. What's left? Well, your trusted BuyerorSeller agent has conferred with the selling agent/closing attorneys regarding a convenient date and time for the closing, passed this information along to you and the only thing left to do now, provided no unforeseen circumstances have occurred, is to attend the closing! Congratulations, your home is SOLD and we look forward to doing business with you again in the future. TOP
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