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HUD Break Out
So, how does a basic HUD break out the costs? Here is a typical example when using a Realtor® for a Real Estate Transaction. You might be surprised at how the numbers work.
| Notes |
Buyer Costs
|
Seller Costs
|
| This is the purchase price of the home. |
$100,000.00
|
$100,000.00
|
| Closing Costs Buyer/Seller |
$4,500.00
|
($2,000.00)
|
| Buyer Prepaid (property tax & insurance) |
$1,100.00
|
|
| Buyers Down Payment (3%) |
($3,000.00)
|
|
| Real Estate Commission (6%) |
($6,000.00)
|
|
| Seller Mortgage to be paid off (we’ll just make up a number) | ($65,000.00) | |
| Amount of Buyers Loan | ($97,000.00) | |
| Funds due from Buyer
Funds due to Seller |
$5,600.00
|
$27,000.00
|
So how does this same Transaction look WITHOUT a Realtor®?
| Notes |
Buyer Costs
|
Seller Costs
|
| This is the purchase price of the home. |
$100,000.00
|
$100,000.00
|
| Closing Costs Buyer/Seller |
$4,500.00
|
($2,000.00)
|
| Buyer Prepaid (property tax & insurance) |
$1,100.00
|
|
| Buyers Down Payment (3%) |
($3,000.00)
|
|
| Buyers Closing costs paid by seller. |
($5,600.00)
|
($5,600.00)
|
| Seller Mortgage to be paid off (we’ll use the same number from above) |
($65,000.00)
|
|
| Amount of Buyers Loan | ($97,000.00) | |
| Funds due from Buyer
Funds due to Seller |
$0.00
|
$27,400.00
|