Sponsor |
 |
Sponsor |
| |
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 |
Home Buyer Education:
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