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Once an offer is accepted, the escrow process begins. The escrow period is an important part of the home selling process and one of the
final steps leading to closing.
Once the closing date is set, the excitement really grows because you are only a step away from selling your home. Be careful not to go
to the table without knowing what to expect. It's important to know the procedure including closing costs, so you can stay on top of
everything- especially your buyer's portion of the transaction since they may be asking you to share in some of the expenses.
The total closing costs will vary depending on the type of loan the buyer has, the location of your home and complexity of the transaction.
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Now we will go through the components involved in the closing process.
The first component of the costs is marketing fees- commonly referred to as commission.
The next component of closing costs are the origination fees
These include a loan origination fee, an appraisal fee and the cost of ordering
your buyer's credit report. Other related costs may include hazard insurance, mortgage insurance, and any interest accrued on the mortgage
from the closing date to the end of the month. Then there are the optional discount points for the loan. This is a one-time fee that is paid
at closing and varies depending on the loan amount. Some buyers choose to pay this amount up front to reduce the ongoing cost of the mortgage
while others choose to have the seller pay this as a stipulation in their offer.
The taxes and any miscellaneous items
These can include personal property taxes,
homeowner's association dues, and other local assessments. As a seller, you will be required to credit your portion of the unpaid property
taxes to the new owners- you will be able to arrive at a very accurate estimate of this when you meet with Char.
Next is the documentation or "Doc Fees".
This covers the cost of researching public records to trace the title and ensure that the property
can legally be turned over to your buyer at closing. Other doc fees include recording and transfer fees that cover the legal transfer of the
deed from your name to the buyer's name. Some of these fees are variable depending on the structure of the offer that you receive.
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This concludes the simple Home Selling Process. If you have any further questions or want to make Char your Realtor contact .
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| Featured Home |
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2034 S Lindenwood Dr
Olathe, 66062
$210,000 |
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