When selling your Gulfport home, it is best to be aware of some of the fees and costs that may shave off 4 to 7 percent off of the home’s price. Your net profit can be determined on a Seller’s Estimated Net Proceeds worksheet, which your real estate agent can give you after you have signed the listing agreement. These costs are estimated at closing and will be deducted.
Below is a list of the costs that may be associated with selling your Gulfport home:
- Prepayment Penalty – Your lender may charge a fee; find out about it.
- Mortgage Balance Payoff – Second mortgages as well as the home loan and lines-of-credit will be deducted.
- Fee for Loan Payoff – Find out if there is a administrative fee.
- Recording Fees – Any fees owed on the property will be paid off.
- Release of Liens – Money owed to home contractors will be paid off at closing.
- Real estate commissions – This is usually 6 percent and is divided between the buyer and selling agents, unless your selling agent brings the buyer to the table too.
- Escrow fees – Assuring that money is handled properly, escrow agents can be paid by both buyer and seller.
- Title search fees.
- Notary fees – This fee ensures your identity and that documents are correct.
- Repairs – As negotiated, you may need to pay for repairs.
- Seller concession – If helping the buyer pay closing costs, this will be deducted.
- Home warranty – If adding a first year warranty for the buyer, this will assessed at closing.
- Termite letter – Required in certain areas, this is a cost to you.
It is definitely an exciting time when it comes to selling your Gulfport MS real estate, however, it is important to become familiar with the costs in order to prevent unexpected surprises at closing. We invite you to contact our office to discuss any questions you have pertaining to your upcoming real estate transaction. We can be reached at 228-275-7500.