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my sister was going to sell her home in houston. that is until her
realtor told her it would cost 35k to sell her 309k home. that's 15k
in closing and another approx 7% in some sort of tax. wha? that's
around 11% total.
does this seem fishy? anyone want to comment on what might be going
on? thanks
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On 2008-10-01 01:16:40 -0700, cporro <c...@g...com> said:
> my sister was going to sell her home in houston. that is until her
> realtor told her it would cost 35k to sell her 309k home. that's 15k
> in closing and another approx 7% in some sort of tax. wha? that's
> around 11% total.
>
> does this seem fishy? anyone want to comment on what might be going
> on? thanks
Yes, indeed, something is fishy. Assuming the realtor provides full
service and taxes are typical, it should cost around 20k - 25k, no
more. Another way to look at it: Normally, taxes and closing costs
should come to a few thousand. Lets make it $5000, which is probably
too much. That means that the real estate agent/broker would be getting
a commission of 35/304, or 11.5%. Yes, that is way too much. You and
your sister should get legal advice. A few hundred paid to a lawyer
could save you thousands.
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
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One possibility if she has a sub-prime mortgage,
there may be some early payoff penalty.
Soemof these were outrageous.
The closing statement should break out all the costs.
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Misc.invest.financial-plan is a moderated newsgroup where Moderators strive
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