Selling a home in Illinois? WHAT WILL MY SELLING COSTS BE?

You have decided to sell your house. A very common question I get is what will I walk away with? So I am going to give you a rundown of what to expect for the costs of selling your home.

Hi I’m John Herman of PropertyUp and I sell homes in the Northwest Suburbs of Chicago

Here is the list of costs while closing on your home.

1.) Payoff for your Current Mortgage – This amount will include the principal balance due up to the day of closing and also include additional prorated interest and smaller closing fees.

2.) Real Estate Sales Commission – When you hire an expert with a Highly comprehensive digital marketing strategy you also will have a negotiation expert in your corner as well and that is exactly how you get the most amount of money for your home. The real estate agent can bring innovative technologies, digital marketing strategies, video and social media and so much more if you hire the right one. That being said, plan on paying a maximum service-based sales commission of somewhere between 5% and 6% of the sales price.

3.) Title Insurance – You must provide your buyer with a title insurance policy. The cost varies depending on the sale price of the house. At this current time, if you are selling a $200,000 home the title insurance should be around $1550 and will be $20 extra for every $10,000 after that.

4.) Attorney’s Fees – You should figure that for an average closing, your Real Estate attorney’s fee will be in the ballpark of $500-$600, and non-real estate attorneys will charge more.

5.) Transfer Taxes – The State of Illinois charges a transfer tax of $1 per $1000 of the sale price. counties charge $.50 per $1000 of the sale price. For example, a sale price of $350,000 will generate a state and county transfer tax of $525.

6.) Survey – If you are selling a single-family residence, you will have to provide your buyer with a survey of the real estate. The costs of the survey will depend on the complexity of the survey (size, shape, location, etc.) However the average price is about $500-$600, I have had some surveys up to $2,500 on large complicated properties. If you are selling a condominium, you will not have to provide a survey.

7.) Real Estate Property Tax Credits – Since real estate taxes in Illinois are paid in the rears (meaning this year you are paying the taxes for last year), you will have to credit your buyer the unknown real estate taxes up until the day of closing. The proration average is about 105%

8.) Recording Fees – This is the fee charged by the county to release your current mortgage. This fee is about $50 per release.

9.) There may be other costs associated with the sale of your home. For example, you may choose to provide your buyer with a home warranty (usually around $600)) and there are also areas that require additional village inspections, you may run into associations requiring payments, also possible unpaid taxes or mechanics liens on the property that would need to be paid at closing and alike that may affect the cost of selling your home as well.

My name is John Herman with PropertyUp, Thank you again for watching, I hope you found this educational and helpful hit that like and subscribe button to keep receiving videos, and please remember, make it a great day!