Closing Costs Calculator for the Washington Home Buyer

We perform home inspections in about 10 counties throughout Washington from Seattle to Wenatchee.  Occasionally our clients call to book an inspection and are still a little confused about the inspection cost– who pays it, how much it is, etc.  We did a little internet search and found a few closing cost calculators that may help the potential home buyer.  The calculator we are sharing seems to have the most descriptions of the costs, but will only give you a rough idea since the costs are only estimations.  For example, they estimate the cost of an inspection at $175, but our inspections start at $275…this is standard for a single family home.  Condos may be less.  Also, the appraisal fee usually starts around $300.  A loan application fee will be added to the credit report for a combined fee of $75-$300.  With all this in mind you can use the calculator to get an idea of the added costs associated with buying a home.  If you have a good agent to walk you through the buying process then you won’t be blindsided with these costs.  They can also help you negotiate fees that may be shared with the seller.

Closing Costs Calculator from Mortgage-Investments.com

Photo Credit: http://themortgagereports.com

Seller Costs: What the bottom line looks like.

There’s that old saying, “you have to spend money to make money.”  When selling a house it’s important to remember the associated costs.  Your realtor is very well educated on the subject and can elaborate more, but here is a short list of considerations for sellers.  (1) Get Ready To List.  Fix all those little repairs before the home is listed because the buyer will order a home inspection.  No matter how small the issue is the buyer will use this as ammunition later.  (2)  Commission.  While real estate commissions are negotiable the typical rate is 5 to 7% .  (3)  State Excise Tax.   The seller pays this tax consisting of local and state.  Most of Chelan County is 0.50% making a combined total of 1.78%.  (4)   Closing.  When you sign on the dotted line there will be some closing costs summed up from: escrow fees, title fee, document fee and buyer’s closing fees.  These can total up to 1 to 4%.  (5)  Loan Balance.  All loans on the home must be paid off before transferring the title.  (6)  Federal Income Taxes.  It is important to check with your accountant and prepare for the possibility of federal income taxes especially if the home is an investment property or used for business.