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Typical Seller closing costs in Clay County Florida

June 4, 2013 by Pam Leave a Comment

Typical Seller closing costs in Clay County Florida

Buying a home in Clay county, and selling your home, you will have closing costs. I know, it stinks and you would rather not have any costs associated with selling your home. I’d rather not see those fees too! This post will outline those costs, explain what they are and give you a rough idea of how much they will be. Hard to make a post about closing costs exciting and fun, so let’s just dig in….

Deed Stamps-Tax required on all deeds used as conveyances. To figure the cost= .007 x sales price

Owner’s title insurance policy– This is issued for an amount equaled to the total price paid for the home. It helps to protect the new owner against unexpected risks.

Title search– fee to search for clouds if any on a title

Closing attorney/ Settlement Fee– A fee an attorney charges for performing the close of escrow.

Real Estate Commission– The fee the real estate company charges the seller to market and sell their home. These fees are not set and usually includes a fee paid to the buyer’s agent. This is usually a percentage based on the contract price.

Survey– used to measure and describe a specific tract of real property for the purpose of determining exact boundaries. Cost can start around $250 and up depending on the size of the land.

Record of Satisfaction of Mortgage-cost to record that the current mortgage has been paid off and satisfied.

Seller’s Courier Fees– fees for having to overnight paperwork if necessary.

Accrued Interest-the interest on the seller’s mortgage that is paid from the first of the month until the day of closing.

Tax pro rations-The tax bill the seller owes up until the day of closing

HOA,CDD pro rations-If you live in a neighborhood that has an HOA or CDD fee, those items are pro-rated up until the day of closing.

Home Warranty-The buyer may ask the seller to pay this. This warranty covers things like appliances, hot water heater and HVAC. Approx $350

Buyer’s closing costs- the buyer may ask you to pay for a portion of their closing costs.

FHA tax service Fee– Based on FHA guidelines, the buyer can’t pay this fee, so it falls to the seller to pay it. $75

WDO Inspection Report– This is the inspection the buyer has done to determine if there is any wood rot, or termites or other bugs that destroy wood. The VA guidelines state that the buyer doesn’t pay this fee. $85 and up.

Va loan (buyer)- depending on the mortgage company the buyer is using, there are certain closing costs they can’t pay. This is something that can be researched at the time of closing.

Here’s an example based on $200,00 sales price, no HOA or CDD, the seller paying for a home warranty and the buyer doing a conventional loan:

Deed Stamps-$1400

Owner’s title insurance policy-$ 1075

Title Insurance- $150

Attorney fee/settlement fee- $250

Real Estate Commission- $12,000 (listing broker shares half with the selling broker in this situation. I know you’re cringing at this number)

Survey- $250

Record of Satisfaction of mortgage- $25

Seller’s courier fees- $40

Accrued Interest-$1,000 (assuming a 6% interest rate on the current loan)

Tax-$1,346.50 (based on last year’s taxes and assuming the seller is closing the 7th month of the year)

Home Warranty- $350

Total closing costs: 17,886.50

To determine your net you would take the sales price-total closing- any unpaid liens.

Hope this helps give you a rough idea on typical Seller closing costs in Clay County Florida. When I list a home, I’ll do a seller’s net sheet showing different price points, and also when an offer comes in. That way you can see what you’ll net at various price points and you can have a really good idea of what you will net with that particular offer. Now, if you are in a short sale situation, then your lien holder would pay the closing costs. Not to say you won’t be asked to contribute, that depends on your hardship situation.

If you’re thinking of selling and want to know what your Clay County home is worth and please fill out a FREE Home Valuation form and I’ll be happy to show you what houses are selling in your neighborhood and calculate what your approximate net is at closing.

If A Picture is Worth A 1000 Words, No Picture Must Equal None!

June 3, 2013 by Pam Leave a Comment

Especially when it comes to selling your Fleming Island Florida Home!

See that picture on the right? That’s what your home looks like when there isn’t a picture of your home uploaded to the Northeast Florida Multiple Listing Service (MLS).

As I search through the expired listings (listings that failed to sell and are no longer on the market) in the MLS, I come across that generic No Photo Available frequently. How in the world can a house be listed for months and months and never have any pictures taken? If you’re wondering why your Home In Fleming Island or Orange Park hasn’t sold and your MLS listing features the dreaded No Photo Available, it’s safe to say, that is a HUGE reason your home hasn’t sold! There may be other reasons your home hasn’t sold and we will discuss all those reasons, in my Pinnacle Home Value Report.

In today’s market, a buyer has more available homes to weed through, to find their perfect home, then they have in many years. Chances are, if they come across a house that has no picture, they will move on to the next one without even clicking on it to get more information. Why? One of the first things that pops in their mind is, “gee that house must really be ugly or need alot of work for them not to have any pictures.” Who cares if your backyard view is of a beautiful lake or your kitchen is big enough to fit the entire Jacksonville Jaguars team in it. Without a picture, they will never know!

Now on the flip side, what if your house really is as ugly as a pig in mud and has pink and green shag carpet in the entire house? I think you should still take as many pictures as possible to give the potential buyer a look at the floor plan. That shag carpet can be removed after they buy it! (who knows, they may really want to keep it) If the house is a great deal, certain things can be overlooked! Without a pic, you may never get a fair shake.

So, what’s a seller to do? Hire an agent whose standard procedure is to take alot of photos. I take a minimum of 25 pictures for every listing. Request a copy of your listing to be emailed to you, so you can see what a buyer sees. Taking alot of photos is your agent’s job, your job is to make sure your house shows in the best possible way to make those photos jump out at a buyer. Now that’s a whole other post! 🙂

If you’re thinking of selling your home or just curious what you’re Fleming Island Home is worth in today’s market, fill out my FREE home evaluation form and I’ll have your valuation results sent out to you via email in 24 hours or less.

Seller Alternatives to Foreclosure in Northeast Florida

June 5, 2012 by Pam Leave a Comment

Seller Alternatives To Foreclosure

So, your house is in foreclosure…Now what? Try to look at the situation without attaching your emotions. I know, easier said than done!

One very important thing to remember: Time is of the essence, so take quick action in order to allow yourself enough time to complete the chosen process.

Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information.

Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. Usually accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home.

Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level if they qualify. More lenders are agreeing to a loan modification . Sometimes you may see a reduction in the interest rate either temporary or for the remaining life of the loan.

Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

Partial Claim – A loan from the lender for a second loan to include back payments, costs and fees.

Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. This process can be much faster than a foreclosure. Most loan applications ask if this has ever happened.

Bankruptcy – This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.

Chapter 7 (Liquidation) To completely settle personal debt.

Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3 – 5 years.

Chapter 11 (Business Reorganization) A business debt solution.

Sale – Homeowner may sell the home without lender approval for a conventional home sale. If the property has equity (money left over after all loans and monetary encumbrances are paid), the homeowner will get cash from the sale. At the other end of the spectrum, a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your real estate professional if what is owed is more than the property’s value.

I am not an attorney nor do I play one on tv. 🙂 If you find yourself in this situation, contact an attorney. A real estate agent can not stop your foreclosure as they are not licensed to practice law.

If you’re wanting to know what your home is worth in today’s market, fill out my FREE Home Valuation form and within 24 hours I’ll send you your valuation results via email.

Call or Text Pam Graham:

Typical Seller closing costs in Clay County Florida

If A Picture is Worth A 1000 Words, No Picture Must Equal None!

Seller Alternatives to Foreclosure in Northeast Florida

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