What Fees Will You Pay At Your Closing?
Total Cost to sell
Most Texan home sellers should expect to pay closing costs of between 7.5–9%, including realtor's fees. Using the Average prices and median prices
If the median price is $330,000 and the average price is $407,817, applying the 7.5-9% cost range:
For a median price of $330,000:
- At 7.5%, the cost would be $24,750 ($330,000 * 0.075).
- At 9%, the cost would be $29,700 ($330,000 * 0.09).
For an average price of $407,817:
- At 7.5%, the cost would be $30,586.28 ($407,817 * 0.075).
- At 9%, the cost would be $36,700.53 ($407,817 * 0.09).
Therefore, based on the given percentage range, the average cost to sell a house would likely fall within the range of $24,750 to $36,700.53, considering the median and average prices.
In December 2023, the average price of a single-family home sold in Texas remained unchanged at $407,817, and the median price for a single-family home was statistically steady at $330,000.
See the Latest Real Estate news
Home Warranty
A home warranty is generally paid for by the seller.
Home warranties generally cover systems such as heating, air conditioning, and plumbing, and appliances like dishwashers, ovens, clothes washers/dryers, refrigerators, and more. Homeowners' insurance does not typically cover mechanical failures, so a home warranty can help bridge the gap.
They don't cover everything that could go wrong, remember homeowner insurance is going to be important. See our Article on the True Cost of homeownership
Yearly HOA Fees
HOA fees are normally paid at the beginning of the year.
The term homeowners association (HOA) fee refers to an amount of money that must be paid by certain types of residential property owners every month to their homeowner's associations (HOAs). These fees are collected to assist the association with maintaining and improving properties.
HOA Resale Cert fee
The maximum amount that a residential subdivision or town home association may charge for a resale certificate is now $375.00.
The maximum amount that they may charge for an updated resale certificate is $75.00.
Year Property Tax Rate
Property taxes are collected on a county level, and each county in Texas has its own method of assessing and collecting taxes. As a result, it's not possible to provide a single property tax rate that applies uniformly to all properties in Texas.
The total tax rate imposed by each taxing unit in this state, as reported to the comptroller by each appraisal district.
Texas Owner Title Insurance Fees
Texas Title Insurance Basic Premium Rates - Effective September 1, 2019.
Title is the right to own and use the property. Title fees are a group of fees associated with closing costs. These fees pay a title company to review, adjust and insure the title of the property. The title company will perform a title search to find any potential issues with the title, such as encumbrances or liens. The company can then make any changes and ensure that its findings are correct.
Other Title company Fees you can expect to pay
Title Settlement Fee
The title settlement fee, or closing fee, is a charge from the title company to cover the administrative costs of closing. Title companies may or may not list out the individual costs of the fee. Fee range varies but expect around $475-$600
Title Search Fee
A title search is a process to examine public records regarding the property and determine the property’s owner. Title searches also reveals any claims or liens on the property and could uncover any claims the current owner is unaware of.
A title search fee ranges from $75 – $200
Lender’s Title Insurance
Usually purchased in a bundle with the owner’s title insurance. This cost is a one-time fee usually between 0.5% – 1.0% of the sale price. For example, a $300,000 home could have a $2,250 title insurance fee.
What about Title Insurance? What You Should Know Read the Blog post.
Abstract And Recording Fees
What is an abstract and recording fee? The abstract is a concise summary of that search and official documents related to the immovable property. Fee Estimate $150 – $400
Attorney Fees
For real estate transactions, it is common to have one settlement attorney. Attorney fees may be paid by the buyer in some areas, while they may be paid by the seller in others. Fee Range $200 – $400
Repair allowance
Any amount paid by the seller for the repair of the home. This is you paid to the buyer, a cost of the seller in lieu of the fixing something that was find wrong during the inspection. Range $0-$2500
Buyer's Fees (Normally)
Survey fee
This fee is normally paid for by the buyer, but the seller might pay for the survey. Mortgage lenders often require a buyer to get a property survey before finalizing a loan. Usually, property surveys cost approximately $350 for a standard home sale transaction. Expect $350-$1000
Appraisal fee
An appraisal fee covers the cost of having a professional appraiser look at a home and estimate its market value.
The buyer, by default, is responsible for the appraisal fee.
A typical appraisal fee in the United States will cost between $300 and $500. Properties that are large, unique or in remote areas usually cost more to appraise.
Seller Concessions
Conventional Loans are loans issued by private mortgage lenders. Conventional mortgages are sold after origination to Fannie Mae or Freddie Mac if they conform to their rules.
The value of seller concessions in conforming loans are limited to a percentage of the purchase price of the home, based on the size of the buyer’s down payment.
For a Conventional loan, if your down payment is:
Less than 10%: Seller may contribute up to 3%
Between 10% – 25%: Seller may contribute up to 6%
Greater than 25%: Seller may contribute up to 9%
If the property is an investment property,
the limit on seller concessions is 2%, regardless of purchase price and the amount of the down payment.
If you’re purchasing a home with a government-backed mortgage, there are hard limits on the amount of seller concessions that are based on the purchase price, not the down payment amount.
Federal Housing Administration (FHA) loan:
Seller may contribute up to 6%
S. Department of Veterans Affairs (VA) loan:
Seller may contribute up to 4%
S. Department of Agriculture (USDA) loan:
Seller may contribute up to 6%
Contact the Gifford group today to get Seller Net sheet PDF
Need to sell your home fast due to divorce or other issues
Our Team can help you sell your house fast and for the highest price.
Selling a home is one of the most difficult decisions a homeowner has to make. Reasons for this include emotional attachment, financial realities, and so on. A great thing about The Gifford Group is that you have options.
If you want to know How to sell your house fast with a realtor? You can choose to list your house on the MLS so that it sells fast, or you can choose to not list it at all if you need to sell it immediately because you want to "sell my house for cash".
Perhaps you spent the majority of your life living in a home that you can no longer afford. Life's twists and turns may force you to sell your house, and though it may seem unthinkable, it is better to face reality and do what you need to do in order to move forward. It is however easier said than done.
We know that selling a house can be difficult when you're pressed for time or money, but we are here to help!
HOW MUCH WILL YOU MAKE SELLING THE HOUSE?
Need a Quick Close? Learn How You Can Sell Your House Fast for Cash
Whatever the reason may be, you should know you are not alone. Every year, hundreds of thousands of people rush to sell their property. Banks, debtors, governments, and homeowner's associations typically disinherit most of them.
We have assisted many people in your position. We understand the difficulties and fears you are facing.
Our team will listen closely to your real estate concern in order to offer you an effective solution.
We can help you answer that question?
Can I sell my home for cash?
We aim to find a win-win solution to your property problems, save your credit, and help you get the money you need.
We are your real estate problem solvers. We help people resolve their real estate problems. In some cases, homeowners just Need to sell the house fast and we are able to make them a serious cash offer to buy their home.
What is your home worth?
Home much money can we walk away with?
Interested in finding out how much your house is worth? Want to know how much money you can walk away with? Our Free Comparable market analysis and Net Sheet will show you how much money you can expect to walk away with after your home is sold.
Home seller resources
9 Tips to sell your home fast!
Today we're going to be talking about how to ensure a quick sell your home fast. Isn't that what we all want? Definitely!
No one wants to put their house on the market and let it sit for two years, right? I don't think. We're going to cover about nine tips. Top tips to sell your home fast in this market.
Check out our video on Selling your home fast
Capital Gain Tax Calculator to estimate your Capital Gain and any potential capital gains tax due. capital gains tax due.
