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Sample seller expenses for a $453,300 house. Cost to seller. Sellerconcessions. In Kentucky, for example, the buyer typically pays for both the owner’s and lender’s title insurance policy and titlesearch. Sellerconcession. Percentage of home value. Real estate commission. < 1%.
Third-party appraisal ($400-$600): If the buyer is using a mortgage to purchase the home, the lender will require a third-party appraisal to confirm the home’s fair market value and determine what they’re willing to lend. Some fees may be negotiated or split between buyer and seller in a FSBO transaction. Title fees (1%).
It’s used to determine how much you can borrow and assures the lender that they aren’t lending more than what the home is worth. To avoid a delayed closing, you can ask the seller to complete the repairs before purchasing the home (if they can be done quickly) or request some form of sellerconcession to offset the cost of repairs.
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