Real Estate Gurus

Modeps

Lifer
Oct 24, 2000
17,254
44
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I'm getting down to the wire on the closing of my new house and the sale of my condo.

Sale Price of the Condo: $137,900
Commission percentage: 6%, $8,274
Amount left on Condo Note: $101,000

Purchase Price of the Home: $291,000
Financing type: 80-10-10
Deposit in Escrow: $6000
Difference left for 10% down payment on house: $23,100

Now, the way I was looking at things, if we take the sale price of the condo, subtract the amount left on the note, subtract the commission, we'd be at roughly $28k. But I wanted to make sure how much money we'd be getting from the sale, so I asked my agent to look into it for me. She called me back today and said that I'd be getting $19k, not $28k... That's a freaking $9k difference. What am I missing that would cost $9k?
 

richardycc

Diamond Member
Apr 29, 2001
5,719
1
81
most realtors aren't that smart, most likely she can't add.

second thought, 3% of $291000 is about $9000, I hope you didn't sign a buyer agent contract, and are not paying buyer agent fee on the house you are buying? If that is the case, she IS smart then.
 

GasX

Lifer
Feb 8, 2001
29,033
6
81
there are a lot of things you didn't factor in...

Lawyer's fees
pre-paid taxes
pre-paid condo fees
title insurance
title search
other closing costs

to be honest, that $8k does sound high... Why didn't the realtor break it down for you?
 

Modeps

Lifer
Oct 24, 2000
17,254
44
91
Originally posted by: Mwilding
there are a lot of things you didn't factor in...

Lawyer's fees
pre-paid taxes
pre-paid condo fees
title insurance
title search
other closing costs

to be honest, that $8k does sound high... Why didn't the realtor break it down for you?

It wasnt the realtor actually that figured it out for her, she went to Century 21 and found out what they were estimating we'd get from the sale. I figured there would be other costs associated with it, but in my experience in purchasing this condo, those things you listed sure as hell dont add up to $9k. I'm at work unfortunately so I cant really be going back and forth with the agent too much right now. Ugh. To top it all off, my wife is a teacher and hasnt been getting paid this summer (first year, her school doesnt pay through the summer, they just work it into their checks throughout the year), so our liquid is a little low, and frankly I'm stressing that we wont have enough.
 

GasX

Lifer
Feb 8, 2001
29,033
6
81
Originally posted by: Modeps
It wasnt the realtor actually that figured it out for her, she went to Century 21 and found out what they were estimating we'd get from the sale. I figured there would be other costs associated with it, but in my experience in purchasing this condo, those things you listed sure as hell dont add up to $9k.
I wouldn't think so either...
 

Modeps

Lifer
Oct 24, 2000
17,254
44
91
Originally posted by: Mwilding
Originally posted by: Modeps
It wasnt the realtor actually that figured it out for her, she went to Century 21 and found out what they were estimating we'd get from the sale. I figured there would be other costs associated with it, but in my experience in purchasing this condo, those things you listed sure as hell dont add up to $9k.
I wouldn't think so either...


modeps.stress++;
 

welst10

Platinum Member
Mar 2, 2004
2,562
1
0
what you actually get out of the sale of your condo will be calculated by lawyers, not realtors. At the day of closing, a HUD statement will be presented to both seller and buyer. That statement lists in details money due from buyer and money due to seller. If there is error, you must ask your lawyer to correct it before you sign it.

This is what teh statement looks like. Text
 

911paramedic

Diamond Member
Jan 7, 2002
9,448
1
76
There are costs associated with a sale that are the sellers responsibility, perhaps that's what happened. (above and beyond the commission) You also have closing costs that are above and beyond the price of the house.

If you are confused ask for a breakdown, you are paying $8K for their services for Gods sakes.
 

Vic

Elite Member
Jun 12, 2001
50,422
14,337
136
Originally posted by: welst10
what you actually get out of the sale of your condo will be calculated by lawyers, not realtors. At the day of closing, a HUD statement will be presented to both seller and buyer. That statement lists in details money due from buyer and money due to seller. If there is error, you must ask your lawyer to correct it before you sign it.

This is what teh statement looks like. Text
You are correct. That is the HUD-1 Settlement statement, and it is prepared by either the RE attorney (in attorney states) or the escrow office (in escrow states). This document is the ONLY one that has the exact numbers and figures. Anything else, whether from your lender or realtor, is likely to just be a best guess or estimate.
 

Modeps

Lifer
Oct 24, 2000
17,254
44
91
Originally posted by: Vic
Originally posted by: welst10
what you actually get out of the sale of your condo will be calculated by lawyers, not realtors. At the day of closing, a HUD statement will be presented to both seller and buyer. That statement lists in details money due from buyer and money due to seller. If there is error, you must ask your lawyer to correct it before you sign it.

This is what teh statement looks like. Text
You are correct. That is the HUD-1 Settlement statement, and it is prepared by either the RE attorney (in attorney states) or the escrow office (in escrow states). This document is the ONLY one that has the exact numbers and figures. Anything else, whether from your lender or realtor, is likely to just be a best guess or estimate.

I just want to make sure I can definately close after the sale of the condo and that I have enough money... and we are closing on the house and the condo on the same day. so it's pretty retarded in my mind that they cant know the exact cost till the day of... I've been told that many times already. :p erf. You'd think a profit of $38k would be able to cover the $23k needed. I guess maybe I should contact the lawyer and talk to her about it.

Is there any sales tax that must be paid for selling the condo?
 

Vic

Elite Member
Jun 12, 2001
50,422
14,337
136
Originally posted by: Modeps
I just want to make sure I can definately close after the sale of the condo and that I have enough money... and we are closing on the house and the condo on the same day. so it's pretty retarded in my mind that they cant know the exact cost till the day of... I've been told that many times already. :p erf. You'd think a profit of $38k would be able to cover the $23k needed. I guess maybe I should contact the lawyer and talk to her about it.

Is there any sales tax that must be paid for selling the condo?
Any sales tax would vary based on the location of the property. Some areas have none, some have staggering taxes. All depends on city, county, and state. You seriously need to contact the attorney.
And no, they simply cannot know the exact cost until the day of closing. It's just impossible. But you are entitled to review the HUD-1 form 24 hours prior to closing.
 

Modeps

Lifer
Oct 24, 2000
17,254
44
91
Originally posted by: HeroOfPellinor
Originally posted by: Modeps
I guess maybe I should contact the lawyer and talk to her about it.

Um, I'd have done that about 5 minutes before posting here. ;)

Quiet you, I'm at work and cant spend an hour on the phone talking to my lawyer :)
 

Modeps

Lifer
Oct 24, 2000
17,254
44
91
Originally posted by: Vic
Originally posted by: Modeps
I just want to make sure I can definately close after the sale of the condo and that I have enough money... and we are closing on the house and the condo on the same day. so it's pretty retarded in my mind that they cant know the exact cost till the day of... I've been told that many times already. :p erf. You'd think a profit of $38k would be able to cover the $23k needed. I guess maybe I should contact the lawyer and talk to her about it.

Is there any sales tax that must be paid for selling the condo?
Any sales tax would vary based on the location of the property. Some areas have none, some have staggering taxes. All depends on city, county, and state. You seriously need to contact the attorney.
And no, they simply cannot know the exact cost until the day of closing. It's just impossible. But you are entitled to review the HUD-1 form 24 hours prior to closing.

Perhaps I should hit up mom and pop for a temporary loan just in case I need the liquid and just leave it in my account till then... and if I dont need it, I can just give it back to them. I just hate asking them for money...
 

JulesMaximus

No Lifer
Jul 3, 2003
74,580
982
126
Originally posted by: 911paramedic
There are costs associated with a sale that are the sellers responsibility, perhaps that's what happened. (above and beyond the commission) You also have closing costs that are above and beyond the price of the house.

If you are confused ask for a breakdown, you are paying $8K for their services for Gods sakes.

Actually, only half of that goes to his agent. Still, she should be able to provide you with a detailed breakdown of the costs. That does sound crazy high though.

What state are you in? Not every state needs lawyers involved in a simple real estate sale transaction. Back east it seems that lawyers have their greedy fat little hands in everything though. :roll:
 

Modeps

Lifer
Oct 24, 2000
17,254
44
91
Originally posted by: JulesMaximus
Originally posted by: 911paramedic
There are costs associated with a sale that are the sellers responsibility, perhaps that's what happened. (above and beyond the commission) You also have closing costs that are above and beyond the price of the house.

If you are confused ask for a breakdown, you are paying $8K for their services for Gods sakes.

Actually, only half of that goes to his agent. Still, she should be able to provide you with a detailed breakdown of the costs. That does sound crazy high though.

What state are you in? Not every state needs lawyers involved in a simple real estate sale transaction. Back east it seems that lawyers have their greedy fat little hands in everything though. :roll:

I live in Connecticut. The actual lawyer fees are estimated to be about $600.
 

911paramedic

Diamond Member
Jan 7, 2002
9,448
1
76
Originally posted by: JulesMaximus
Originally posted by: 911paramedic
There are costs associated with a sale that are the sellers responsibility, perhaps that's what happened. (above and beyond the commission) You also have closing costs that are above and beyond the price of the house.

If you are confused ask for a breakdown, you are paying $8K for their services for Gods sakes.

Actually, only half of that goes to his agent. Still, she should be able to provide you with a detailed breakdown of the costs. That does sound crazy high though.

What state are you in? Not every state needs lawyers involved in a simple real estate sale transaction. Back east it seems that lawyers have their greedy fat little hands in everything though. :roll:
I know that, I've taken all the courses in NV to be an agent, unfortunately. The fee is indeed split between the two agents (buyer/seller) but that should entitle you to some info from both.

If you have ANY questions like this your agent shoud (needs to) explain it to you clearly.