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Hi – My family might have to move from Austin due to a job transfer. We will need to sell our house and purchase a new home. I understand that buyers expect the sellers to pay the buyer’s closing costs in this market. How can I figure out an “estimate” of closing costs on our end? Let’s say we sell our house at $ 161K – what would our closing costs be? Thanks!

1 Thought on How to calculate seller’s closing costs in Austin, TX?
  1. Reply
    valoanguy
    August 27, 2011 at 9:35 pm

    There is a lot to it, but your lender should have no problem assisting you with this (if they know what they are doing, that is). Here’s a quick rundown of what you would need to give a lender so they can determine this for you. Please note, it’s difficult to do this on your own because taxes and insurance must be escrowed, and prorated taxes and an aggregate adjustment need to be determined.

    1 — You need to know how much the property taxes are and when they are due.
    2 — You will need to get a quote for home owner’s insurance to cover the full loan amount.
    3 — Is the home in a flood zone and if yes, you will need a quote for flood insurance.
    4 — Are there any Home Owner’s Association fees? If so, how much?
    5 — How much earnest money are they going to require you to put down?
    6 — What is the contact information for the title company that is going to be used so that you can get their basic fees directly from them?
    7 — What is the living square footage of the home and what is the property address (to determine property taxes)?

    To give you an estimate, your closing costs and prepaid items (which should also be included in “seller assist”) should amount to somewhere around $ 4,000 to $ 7,000, give or take, in Austin, TX.

    I hope this helps!

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