We buy houses in Belvedere, South Carolina. We are homebuyers in Belvedere SC, and we offer cash for houses in Belvedere. You’ve likely heard about closing costs, but do you know everything that they include? Check out this post to learn more about what closing costs are all about.
What Are Closing Costs Exactly in Belvedere SC?
Closing costs refer to all of the fees that must be paid at the closing table. Depending on where you live, the fees and costs can vary. But generally, closing costs include, but are not limited to:
- Notary Fees
- Transfer Costs
- Transfer Taxes
- Appraisal Costs
- Inspection Fees
- Origination Fees
- Recordings Fees
- Title Insurance
- Underwriting Fees
- Bank Fees
- Courier Fees
- Wire Transfer Fees
- Liens against the home will need to be paid to clear the title
- Credit Report Fees
- Administrative Fees
- Attorney Fees, if applicable
- The balance of your mortgage or loans against the home
- Possibly repairs or pest control, if this has previously been agreed upon
- COMMISSIONS!
Who’s Paying the Closing Costs When Selling the SC House?
While the buyer will usually pick up a number of these, it is important to note that the seller typically pays 100% of the commission. This will be about 6%+ of the final sale price. Other than your possible mortgage balance, this is by far the biggest cost when it comes to costs at the closing table. Negotiating the other costs during the sale process is becoming increasingly popular. In an effort to lure in more buyers, sellers are more frequently picking up the tab when it comes to the closing costs.
As a seller, when you sell your house, you will also need to pay your share of the year’s property tax up until the day of closing. Any HOA fees or other community costs should be prorated and paid at this time as well.
What Are Seller Subsidies in Belvedere?
This is an amount negotiated between the buyer and seller. It is the percentage the seller agrees to pay toward the closing costs. For example, you can offer to put 3k towards closing to help relieve some of the costs for your buyer. Overall, paying these subsidies is often a small price to pay to bring buyers to the table!
Can You Avoid These Costs in South Carolina?
Yes! By working with a direct buyer who will pick up all costs associated with the closing! A direct buyer will not charge you a commission as they are not an agent. Many times, direct buyers will offer to pick up all costs, which will save you money and hassle at the closing table.
Are Repairs Included?
This is another one that is negotiated between the buyer and the seller. If the home is in need of some obvious repairs, the seller will often take care of these before putting their home on the market. However, if an inspection shows additional repairs are needed, a buyer may make his offer contingent on repairs being made. A buyer and seller can work this out before going to closing.
Sell My House in Belvedere SC
If you think you need to sell your house in South Carolina, call us. We are your local Belvedere SC home buyers and we can help you.