Typical Selling Costs Explained by Suffolk County House Buyers
Jeremiah Dalton, owner of Suffolk County House Buyers, explains the different costs that a seller could incur when selling their property. When you work with SCHB, we take care of those costs.
Jeremiah Dalton: 00:01
Hey, what’s going on everyone? First and foremost, I just wanted to say thank you for watching these videos. I hope you guys get great value out of them. Second of all, I want to apologize, the dark circles under my eyes, I know I appear exhausted, reason being is I have a four year old and a two year old, who are currently on sleep strike and so that’s a part of the appearance.
Jeremiah Dalton: 00:23 Wanted to make a quick video in regards to the selling costs that you would incur when you’re selling a piece of real estate in New York. Now, when you’re dealing with an investor, we cover all those costs, but no matter what, if you choose not to sell to an investor, I want you to at least be aware of the costs.
Jeremiah Dalton: 00:41 First thing you’re going to have is transfer taxes, four dollars for every $1000 in the purchase price. If the purchase price is $200,000, transfer taxes are going to be $800.
Jeremiah Dalton: 00:52 The second thing is you’re going to have Attorney fee. Attorney’s typically are anywhere from $1200 to $1500. I’ve seen ’em as high as $1600.
Jeremiah Dalton: 01:05 The other fee that you’re going to incur is the $500 property condition disclosure credit. Basically it lets you off the hook from disclosing anything you might know about the house and pretty much puts the on the bar to do his or her due diligence, but in order to do that, you have to give them that compensation. Obviously, you might have realtor costs as well, which are a given.
Jeremiah Dalton: 01:26 When you’re dealing directly with an investor, we cover all those costs, obviously there is no realtor cost. We cover the transfer taxes, we pay the Attorney fee. The problem with the Attorney fee is that we typically notice, especially as of recently is that Attorney fees, you cannot, as me as a buyer, pay them directly, it’s considered a conflict of interest, so what we actually do is raise the purchase price by whatever the Attorney fee is. At the end, it still allows you to get that net amount we talked about. If we give you a 245 purchase price, you’re waling away at closing with that 245,000. We eliminate any surprises, which is not something that you typically find with a standard real estate transaction.
Jeremiah Dalton: 02:11 Hope you guys found this video helpful. As always, if you’re interested in a no-obligations cash offer, please fill out the form on my website, www.Suffolkcountyhousebuyers.com and we’re happy to come by and give you our evaluation of the home. Thanks so much for watching.
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