Real estate closing costs



Things a real estate agent and lender want to say to buyers and borrowers . . .

If you're a real estate agent, you know how important it is to estimate the seller closing costs. And if you're a home seller, you want a good estimate of how much you will net if you accept an offer to purchase your home.

Closing cost calculations can get confusing with commission percentages and other closing costs. This seller calculator will not only estimate the seller's closing costs, but also "work backward" from a desired net. For example, let's say you desire a net amount of $100,000 at closing, and you're paying 6% of the sales price toward the buyer's closing costs and a real estate commission of 6%. Working backward can be difficult and confusing.

To arrive at the net to seller, simply enter the selling costs in column (A) and the costs will total as expected, then enter the desired Net To Seller in column (B) box. All the costs will recalculate to achieve the seller's desired net proceeds. Each state has typical closing costs that the home seller pays. Seek out a real estate agent for the customary costs in your state.

Agents - click on the Print Option button on column one or two, then click on the Print Screen link to print the estimate. This calculator will make it much easier explaining the closing costs to the seller and negotiating with the listing agent . . . and you can do it online and over the phone!



           

Seller Estimate | PRINT SCREEN |

          A   B
  What is the selling price?  
  Net To Seller        
  Which column to print?          
  ESTIMATED CLOSING EXPENSES
1.  
2.  
3.  
4.  
5.  
6. Miscellaneous (from below)  
7. Mortgage Payoff (from below)  
8.  
9. Realtor Commission Percentage  
10. Realtor Commission - Flat commission*  
11. Seller Cost Contribution Percentage  
12. Seller Cost Contribution - Flat dollar*  
13.  
14.  
15.  
16.  
17.  
18.  
  TOTAL CLOSING EXPENSES  
 
  MORTGAGE PAYOFF
18. 1st Mortgage  
19. 2nd Mortgage  
20. Other Liens  
  TOTAL PAYOFFS  
 
  MISCELLANEOUS CHARGES
21.  
22.  
23.  
  TOTAL  
 
  SPLIT COMMISSION CALCULATOR
30. Sales Price        
31. Commission on the first    
32. Commission on remaining amount    
  Total Real Estate Commission      
     



 

Frequently Asked Questions About Real Estate Agents

► Where can I find the approved Pennsylvania real estate schools?

The approved Pennsylvania real estate schools are listed on the real estate school page

► Are Realtor® fees part of closing costs?

If the real estate commission is paid by the seller (which is usually the case), the cost will appear as a charge to the seller. If however, the buyer is paying the Realtor's® fees, the expense will be a closing cost to the buyer. 

► Can a real estate agent prepare a contract of sale?

In Pennsylvania, yes.

► Do buyers pay Realtor® fees?

Probably not. In Pennsylvania it is customary for the seller to pay the Realtor® fees. However, the payment is dictated by the sales contract.

► How much commission do you pay a Realtor®?

The Realtor® commission is negotiable. The real estate agent will probably ask for a percentage of the sales price. If the anticipate sales price is low (i.e. $50,000), the real estate agent may ask for a minimum commission (i.e. $4,000 or more). Some real estate agents may "split" the commission based on the sales price. For example, let's say the sales price is $250,000. The agent could charge 7% on the first $100,000 ($7,000), 6% on the next $100,000 ($6,000) and 5% on any amount above $200,000 ($2,500).

► Where do I find foreclosure homes in PA?