Posts Tagged ‘lapeer county real estate’

What Real Estate Costs are the Oakland County Seller Responsible For?

This is a common question I get when a person is considering selling their Oakland County MI home. First let me explain that most everything is negotiable; the purpose of this post is to address what is customary for the Oakland County and Lapeer County areas.

Costs to the seller:

  • commission (I normally charge 6%)
  • transfer tax (.75%)
  • revenue stamps ($1.10 per $1000)
  • title insurance (depends on the sale price)
  • $295 file retention fee to ReMax Encore
  • misc. costs such as wiring fees, recording fees and I usually estimate on the high side at $500 but is probably closer to $100 on most transaction

If you currently have a mortgage on the house that will have to be paid out of your proceeds. Taxes are usually prorated to the date of closing and if you are current on your taxes you will probably get some back. Homeowner association dues is usually prorated to the date of closing. Water and sewer bill (if applicable) are paid at closing.

If there is possession $200 or $300 is usually escrowed at closing to cover any water/sewer charges for the time you live in the house as a tenant after closing. You will normally pay the new owner’s house payment for the time you stay after closing. So you agree on 45 days possession after closing, we will typically escrow 45 days of the new owner’s mortgage and you pay for the days you stay.

These costs are for a normal sale- not short sale or land contract sale.

For more information about selling your Oakland County or Lapeer County MI home please don’t hesitate to contact me.

Jackie Hawley
cell: (248)736-6407
email: Jackie@JackieHawley.com

For Sellers

Seller Concessions for Dummies

Why are Both Buyer and Seller Paying for Title Work?

For the Non Distressed Seller (normal sale)


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Home prices in Oakland County and Lapeer County Michigan may be stabilizing (or at least not falling as fast), and if you have been considering upgrading to that home you couldn’t afford 5 or 6 years ago, now might be a good time to consider making that move.

Houses that were selling for $300K are selling for less than $200K. That dream house from 5 years ago that you couldn’t afford may be selling for less than you paid for your current house. Interest rates are low, and if you have a job, some cash and decent credit you can probably get a mortgage. That doesn’t necessarily mean you have to give your current house away. An option many home owners are opting for is to lease their current house after upgrading to that dream home.

You would need to talk to a good loan officer; there may be issues if you are severly upside down on your current mortgage. I believe you would have to qualify for both mortgages- these are questions for your lender. But if you qualify to buy without selling, there is a demand for nice rentals. Half the current market in the North Oakland County and Lapeer areas are short sales and foreclosures. Those ex-homeowners need a place to stay and many won’t/can’t move into an apartment. 

Home prices will come back. It may take some time to hit where we were in the peak years, but it will happen. So why not let someone pay your house payment until prices do come back? Depending on what price range you’re in, it could mean the difference of fifty or a hundred thousand or more in the long run. And in the meantime there are potential benefits to owning rentals (a discussion to have in depth with your accountant).

Please don’t hesitate to contact Jackie Hawley with any questions about selling or leasing your Oakland County or Lapeer County home.

Jackie Hawley
cell: (248)736-6407
email: Jackie@JackieHawley.com

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Properly pricing and marketing your home is more important today than ever before. In the old days we could start high and between increasing prices and strategic price reductions we could get a house sold relatively fast. And because prices were on the upswing it didn’t cost you anything to test the market.

Today that’s a different story. Prices are still on the decline- though not quite the nose dive we experienced the past couple years. So the longer you stay over priced the less you will eventually sell for.

I have been checking the sales data for several subdivisions, lake houses and acreage in Oakland and Lapeer Counties and the one thing I am seeing, almost without fail, is that homes are selling within 60 days (often times within 30 days) after hitting their final asking price. Some homes hit the market at the correct price and sell within the first two months. Some houses start high and sit on the market for a year or two or even three, but once they hit that proper price they do sell within the next two months.

If you are thinking of selling your Oakland or Lapeer County home, please contact me for a free consultation.

Jackie Hawley
Keller Williams Realty
cell: (248)736-6407
email: Jackie@JackieHawley.com
web: www.MiRelocation.com

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