Home Selling Costs When Selling your Orchard Lake home

Do you know what your home selling costs are when selling your Orchard Lake home?  My home sellers when they first enter the process do not know what they may be getting into.  Recently when I went to an Orchard Lake home to list it the client asked what their costs would be to sell their home.    Selling costs are very similar across Michigan whether it is Waterfront homes for sale in Commerce Township Michigan or Orchard Lake homes  in West Bloomfield or lakefront real estate.

 

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Orchard Lake front homes Michigan

This home is not for sale and is not a foreclosure. This is just an example of Orchard Lake front homes

The major costs you will occur when selling your Orchard Lake home are:

  1. Mortgage payoff.  Remember that the bank will add interest to the last balance that you see on your mortgage statement.  So your payoff will be a little higher than what is shown on your last statement.
  2. Michigan transfer tax which is .086% of selling price.    The State of Michigan wants their share, so they tax the seller has to pay it at closing.
  3. Owners title policy.  The cost of the owners title policy is based on the sales amount.  This is title insurance basically providing proof that the property if free and clear of liens.
  4. Commission for the realtor
  5. Transaction fee to the real estate company.  Most real estate companies have added this fee as a way of covering some of their basic overhead.
  6. Sellers concessions (if you agree to them in the purchase agreement).  This is one way the buyer can afford to buy a home if they do not have enough money to pay for closing costs.
  7. Home warranty if you offer it or you agree to it in the purchase agreement.

The rough rule of thumb to figure costs when selling is 8% of purchase price.  It should cover all the costs you may incur when selling your Orchard Lake home.  It is a good estimate to figure out a rough amount of what you should walk away with after you payoff the mortgage.   My goal is have you feel comfortable when selling your home.  I never want you to be surprised when you sell your Orchard Lake home.

If you are looking for a more peaceful lake in not such a high end area then maybe Sugden Lake homes – Sugden Lake real estate White Lake Michigan or Dixie Lake Lakefront foreclosures  These are two smaller to midsize all sports lakes in Oakland County that suit many home buyers.  They are private lakes so there is no extreme amount of boat traffic.  If you want a personalized list of the newest homes & foreclosures join my VIP Foreclosure club Search 1000’s of Oakland, Genesee, Washtenaw, and Livingston County lakefront homes when ever you want.

Some buyers want to look for Foreclosures Darb Lake Michigan.  There are very few lakefront foreclosures at any time in Southeastern Michigan.  Many foreclosures are being sold on auction sites or being sold to non profits to be rehabbed.  So most home buyers do not even get a chance to buy them because they are gone quick.  Some Deer Lake Homes for Sale have stunning views because they sit high above the lake.  The downside of these lakefront homes on the hillside is that you have to walk down stairs to get to the lake.  The views of the lake from your family room, bedroom, or kitchen may overcome that little issue.

Here are two more smaller lakes Woodruff Lake in Highland Michigan and Wormer Lake in Waterford MI.  They are both small private lakes.  Wormer Lake is very small but connects to Mohawk Lake and Schoolhouse lake.  I have been told the bass fishing on Mohawk Lake and Wormer Lake is very good.

 

 

 

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