Ellicott City Realtor Catonsville Realtor

Explanation of Closing Costs for Howard County, MD Home Sales.  Below is a sample Estimated Settlement Cost Worksheet for a Home Sale in Howard County.  This estimate is for explanation purposes only.  The costs detailed in this sheet are a sample, and your costs may vary greatly depending on the Lender, Realtor and Title Company you select, and the terms of the contract of purchase.

If you would like a better idea of what it would cost to sell your home, please feel free to contact me.

The figures below were based on a sale price of $225,000, and the buyer selecting an FHA Loan.

Seller Charges

Commission - The commission to sell your home is a negotiable fee, and is based on the sale price of the contract - not the list price, but the final sale price of the negotiated agreement.  In this example, I have used a commission of 6%.  The commission you negotiate with your Realtor may be more or less.

Marketing Fee - this is an administrative fee charged by most local brokers in our area.

Recording Tax / Transfer Tax - These two fees are split by between the Buyer and Seller here in Maryland.  In this example sheet, this amount represents the Seller's half.

Inspections - Here in Maryland, Sellers don't typically pay for inspections, but that can vary with the type of financing the Buyer selects.  For example, with a VA loan, the Seller will pay for the Termite Inspection.

Lender Fees - Also depending on the type of loan, the Seller may be asked or required to pay some or all of the Buyer's Lender Fees.

Miscellaneous Fees - I put this into my Estimated Settlement Costs because most Seller's don't realize that the Lender may charge an ‘Express Fee' or a ‘Wire Fee' to get money to the settlement table.

Credits to Buyer

% of Sales Price or Fixed Contribution - This amount will vary and really depends on what the Seller and Buyer agree to.  This amount also varies with what the market dictates.  These amounts are agreed upon between the Buyer and the Seller during contract negotiations.  How much, if any, a Seller can give the Buyer really depends on the type of financing the Buyer selects.

Mortgage Payoffs

Release of Mortgages - I didn't include mortgage information for this Settlement Sheet, but be aware that your lender may charge a fee for releasing your mortgage of up to $150 per loan.

Other Considerations

This worksheet is a simplified guide, and is intended for general informative purposes only.  This worksheet does not take into account any fees you will incur in the purchase of another home, as well as other charges such as for HOA or Condo fee, ground rent and others that have not been included here.  Your lender and settlement company will provide you with accurate settlement costs once a contract has been agreed to by both the Seller and the Buyer.

Seller Estimated Settlement Costs

Top Seller Tuesdays - Spend a Little, Get a Lot!  A series of weekly tips for sellers that are simple, quick and designed to bring you top value.

• Stained grout will stand out in an otherwise sparkling bathroom - use a bleach pen to clean it or re-grout between tiles.

If you'd like more information about preparing your home for sale, feel free to contact me.

Open House Report for July 17-18: Catonsville, Ellicott City, Elkridge, and Columbia.  Below are this weekend's Open Houses:

Elkridge Open Houses

Ellicott City Open Houses

Columbia Open Houses

Catonsville Open Houses

If you have any questions, please feel free to contact me.

 

Open House information has been provided by the listing agent, and is not guaranteed to be correct.

Featured Listing Friday - Waterfront Columbia Condominium at the Residences at Lake Elkhorn - Just Reduced and Open this Sunday. A condominium community that backs to Lake Elkhorn and offers privacy, fishing, wildlife, a community pool, room to garden and convenient shopping. In a serene wooded setting, this former model home features beautiful landscaping that only awaits your personal touch.

Open Sunday, August 1      1 - 3 pm

• 2 Bedrooms
• 2 Bathrooms
• New Appliances and Countertops
• New Heating and Air Conditioner and Hot
• Water Heater
• Fireplace
• Built in Shelves and Finely Crafted Woodwork
• Hardwood Floors
• Ceramic Tile
• Soaking Tub in Master Bath
• Patio Level
• Custom Light Fixtures
• Large Rear Patio
• Bonus Storage Room
• Village of Owen Brown
• Talbott Springs Elementary School
• Cradlerock Middle School
• Oakland Mills High School
• Great Location for Commuters:  Near to Fort Meade, NSA, and Johns Hopkins APL
• Great for BRAC Relocation

Columbia, MD Community Report

Columbia, MD - #2 of Money Magazine's Top 100 Best Places to Live 2010

For more information, please feel free to visit the website or contact me.

 

If You're Searching for an Ellicott City Home and Not Having Much Luck - Try Catonsville!  If you're relocating to Maryland and searching for a home in Ellicott City, you are probably looking for a home there because you've researched the crime statistics, neighborhood information, the schools, distance to work, shopping and other factors that have made Ellicott City an appealing place to live.

If you are not familiar with the area however, you may be unaware that Catonsville is just minutes away from Ellicott City.  Prices in Catonsville are generally lower than in Ellicott City however, and you will typically be able to get more house for an equivalent price.  For example, for $350,000 in Ellicott City, you are likely to be able to afford a townhome, or a Small Single Family Home in need of much repair.  However, in Catonsville, for $350,000 you will find many nice homes, some with garages, large landscaped yards, finished basements and upgraded interiors.

The following are some links to review regarding Catonsville and Ellicott City.  The important thing in any home search is to spend time in the community, talk to people, research the schools, drive the commute, and generally become familiar with the services and amenities of the area.  Know what matters most to you, and keep that in mind as you make inquiries about the communities that are of interest to you.  Ask people who live there what it is they love about their community.

Ultimately whether you decide to search for Ellicott City or Catonsville is a personal choice. Having the following information can be helpful in making that decision:

Comparative Community Report for Catonsville and Ellicott City

Catonsville School Reports

Ellicott City School Reports

Search for Catonsville Homes

Search for Ellicott City Homes

As always, if you have any questions, please feel to contact me.

 

Top Seller Tuesdays - Spend a Little, Get a Lot!  A series of weekly tips for sellers that are simple, quick and designed to bring you top value.

• Replace old, discolored or moldy shower curtains with an inexpensive new one in a neutral or coordinating color.

If you'd like more information about preparing your home for sale, feel free to contact me.

 

Photo credit:  http://www.flickr.com/photos/playfullibrarian/3807345775/

Market Report Monday - Carroll County Market Update, June 2010. Click on Full Screen to view this report.
If you have any questions about this report, feel free to give me a call, or click here to request more information.

Carroll County Market Update, June 2010

Open House Report for July 17-18: Catonsville, Ellicott City, Elkridge, and Columbia.  Below are this weekend's Open Houses:

Elkridge Open Houses

Ellicott City Open Houses

Columbia Open Houses

Catonsville Open Houses

If you have any questions, please feel free to contact me.

 

Open House information has been provided by the listing agent, and is not guaranteed to be correct.

Tenant Thursday - Maryland Real Estate Investing Advice. A Weekly Series on handling Tenant issues when investing in Real Estate in Maryland.

It doesn't happen, often, but it does happen.  You have a disagreement with a tenant over refunding a security deposit, or backing out of a lease, or other financial matters, and the tenant says It - "I'm calling my attorney!"

A novice investor could be concerned about such a threat.  I've had my share of such confrontations in my experience as a Real Estate Investor, and I can tell you that in my opinion, 9 out of 10 times the tenant is not going to call an attorney.

And what about in the rare instance where a tenant does call an attorney?  What is the first thing the attorney is going to ask for?  The presiding document.  In this case, it is going to be your lease.

What you and the tenant have agreed to in writing takes precedence over any other ‘agreement' the tenant may claim you have made with them.  Know the terms in your lease.  Know them before a confrontation arises.  Stick to the conditions you've outlined in your lease, and make any amendments in writing.

If you'd like more information on investing in Real Estate in Maryland, feel free to contact me.

 

 

 

 

 

 

 

Photo credit: http://www.flickr.com/photos/umjanedoan/497345293/