fishy home closing cost in houston, tx

- C
- cporro
  
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posted
15 years ago

Wed, Oct 1, 2008 8:16 AM

my sister was going to sell her home in houston. that is until her realtor told her it would cost 35k to sell her 309k home. that's 15k in closing and another approx 7% in some sort of tax. wha? that's around 11% total.

does this seem fishy? anyone want to comment on what might be going on? thanks

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- Don
  
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posted
15 years ago

Wed, Oct 1, 2008 4:45 PM

Yes, indeed, something is fishy. Assuming the realtor provides full service and taxes are typical, it should cost around 20k - 25k, no more. Another way to look at it: Normally, taxes and closing costs should come to a few thousand. Lets make it $5000, which is probably too much. That means that the real estate agent/broker would be getting a commission of 35/304, or 11.5%. Yes, that is way too much. You and your sister should get legal advice. A few hundred paid to a lawyer could save you thousands.

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- rick++
  
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posted
15 years ago

Wed, Oct 1, 2008 5:35 PM

One possibility if she has a sub-prime mortgage, there may be some early payoff penalty. Soemof these were outrageous. The closing statement should break out all the costs.

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