You are wondering exactly how much are closing costs when selling a house in Palm Springs area. This list is strictly an estimate and should in no way be held as the true and actual cost. The cost to sell a house depends on a number of factors, including the final sales price, the type of property, and the terms of the purchase agreement.
Also, depending on the offer, you may pay part of your buyer’s fees.
In California, as in most states; selling a house is not as simple as finding a buyer, receiving payment, and handing over the keys to sell a house in today’s market; you must be an expert or have the help of one in both selling and marketing property.
There are numerous costs associated with getting your home sold that you should be aware of. Consult with your Coachella Valley real estate agent, as costs will be specific to your transaction.
How Much are Commissions?
In Coachella Valley, the commission is 100% negotiable and will vary depending on experience, location, agency, etc.
The agent fee includes marketing your home, giving tours of your home, setting up open houses, broadcasting to other agents, listing your property on popular sites such as Zillow and Trulia, and posting manual ads on sites such as Facebook, Blog Sites, Main Websites and more. You don’t ever want to choose an agent based on commission. Not all brokers are created equal and the marketing plan brings more showings which bring more offers which generally means a higher selling price and more money in your pocket.
Let’s say that the average price of a House in Palm Springs area is around $500,000 (which we will use throughout this example).
If the commission to sell this home was 6%, you would pay $30,000 total. In California, typically the seller pays the entire commission to both the listing agent and the buyer’s agent.
How Much Are Closing Costs?
Here is an example of seller closing costs for a $500,000 sale, closing on 5/16/2021. This is just an example, of course, to get an idea of what a closing estimate can look like. This seller has a mortgage with a principal balance of $250,000.
|Item||Debit Seller||Credit Seller|
|Loan Payoff (1st Mortgage)|
|Interest Adjustment (5/1 to 5/15, 15 days)||$0.00|
|Buyer Brokerage Fee||$15,000.00|
|Seller Brokerage Fee||$15,000.00|
|Document Preparation fee||$50.00|
|HOA Statement – lien release/removal||$50.00|
|Property Taxes Due
(1.25% prorated 5/16/2021 to 6/30/2021)
|Homeowners Association Fees (5/1/2021 to 5/16/2021)||$0.00|
|Escrow Fee ($2,700.00 Split between Buyer & Seller)||$1,350.00|
|Title Fee ($1,534.00 Paid by Seller)||$1,534.00|
|County Recording Fee (14 estimated pages)||$54.00|
|County Transfer Tax ($550.00 Paid by Seller)||$550.00|
|Estimated Net Proceeds at Closing||$216,857.55|
Important Disclaimer: This is a Preliminary Estimate. The values in this report are ESTIMATED values. Actual values may vary in each state, county and office. Also, values may change based on eligible discounts, local charges, and other fees and credits.
The Residential Purchase Agreement outlines the terms of the sale. Terms can include a seller credit towards buyer closing costs, or a buyer credit towards seller closing costs. Buyers often request a one-year home warranty, a natural hazard disclosure report, and a termite inspection. Buyers may also request that the seller complete repairs, such as fixing a plumbing leak, replacing a roof, or clearing a termite infestation and repairing termite damage. Repair requests are negotiated between the buyer and seller after inspections are completed.
OTHER CHARGES: $1083
- Home Warranty for Buyer: $375
- Termite Inspection and Repairs: $600
- Natural Hazard Report fee: $108
How much is closing cost on a house in Palm Springs area?
Total closing costs to sell a $500,000 home could cost anywhere from approximately $30,000 to $34,000 or even more.
Choose an Agent to help you with the process
You need someone who knows how to sell a Coachella Valley house and is familiar with the rules and regulations in the area.
As you can see, it can be quite costly to sell a house in Palm Springs area. Ensuring that you have the best chance to sell your home means spending a little extra. Get Help Selling your Property, give us a call at 760-766-6093 to discuss selling your property.
Our comprehensive marketing system is designed to get you the most amount of money in the least amount of time with the least amount of inconvenience. Get your Free home Value Report from local real estate agent to get an idea for what your property may sell for today.