The first thing most sellers want to know is how much money they're going to net. Of course, the short answer to this question is that the final sales price minus what you owe and your cost to close equals your net proceeds. As part of the process we review comparable Spring TX homes to get an idea of what your home could potentially sell for.

Afterwards we will put together a Seller's Estimated Net Proceeds spreadsheet. This spreadsheet will give you a good idea of what you would net. The hard part is estimating your closing cost. The list below, while not all inclusive, will give you some guildlines for closing costs in the Spring Texas real estate market.

Attorney's Fees - The attorney is selected by the Title Company. He represents neither you nor the buyer. His fee is for the preparation of the closing documents and averages $125 - $200.
Courier & Express Mail Fees - This fee is charged by the Title Company and it is to cover expenses associated with shipping or transporting of documents. It averages $50.
Escrow Fee - Charged by the Title Company for their work associated with the closing of the real estate transaction. The escrow fee varies by Title Company with an average of $250 - $400.
Recording Fees and Tax Certificate Fees - Charged by the Title Company for recording the release of lien and acquiring the tax certificates on the property. The fee averages $50.
Home Warranty - Its a negotiable item, but the majority of the time the buyer requests the seller to provide one. The basic home warranty costs $320. A hot tub or pool is another $150. If the home is over 5,000 square feet the basic home warranty costs $600. The seller pays the agreed upon fee and the buyer chooses the company that he wants to provide the home warranty.
Owner's Title Policy - Its a negotiable item, but its typically considered to be a seller's closing cost. The owner's title policy protects the buyer in the event there is an attack on title. The policy is provided by the Title Company. Title policy rates are prescribed by the State Board of Insurance of the State of Texas. All Title Companies have to charge the same rate for the policy. The premium is $843 for the first $100,000 of coverage and $5.34 for each additional thousand dollars up to $1,000,000.
Realtors Fee - In Texas, the Realtor fee is paid by the seller at the time of closing. The Realtor Fee is divided between the listing agent, the listing agent's broker, the buyer's agent, and the buyer's agent's broker.
Broker Transaction Fee - In addition to the Realtors Fee some brokers charge a transaction fee. The transaction fee ranges from $95 to $495.
Prorated Real Estate Property Taxes - At closing the seller will provide the buyer with a prorated credit for the real estate taxes. The credit will cover the portion of the year that the seller owned the property. The prorated credit for the year's real estate taxes DOES NOT come out of the escrow account held by your mortgage company. You will not receive the funds held in your escrow account until approximately six weeks after the date of closing.
Mortgage Interest - Interest on your mortgage loan from the first of the month to the day of closing.
Seller's contribution to Buyer's Closing Costs - Its a negotiable sum agreed upon in the purchase contract whereby the seller agrees to pay some if not all of the buyer's closing costs. The agreed upon amount can range anywhere from $0 to 6% of the sales price.

Net Proceeds:

To determine your net proceeds start with the projected Sales Price
Subtract the total of the estimated closing costs
Subtract the estimated payoff of your loan / mortgage.
The remaining amount is your estimated net proceeds.

Hopefully your net proceeds is a positive number. Because if it is a negative number, you will have to bring money to the closing table.

Contact us and we will provide you with a FREE home price evaluation and prepare a seller's estimated net sheet.

8817 Louetta Rd. Spring Texas 77379 | Direct: 281.804.8626 or 281.300.3141 | Email: jwente@garygreene.com