New to selling my SFH property out of state

[Cheza M.]

Hi everyone,

I hope you’re all doing well. I could really use some advice regarding selling my property in Ohio, Cleveland. A few years ago, I made the decision to invest in my first turnkey property out of state, hoping for a solid investment. Unfortunately, things haven’t gone as planned, and now I’m looking to sell.

I must admit, I’m quite inexperienced when it comes to selling real estate. I’ve enlisted the help of a property management company to assist me in the process. After a few months, we finally found a buyer, but I had to settle for less since I opted to sell the property as is to save on renovation costs.

To give you some background, I initially purchased the property for $155k. Now I'm selling it and the best offer I received was $95k, conventional with no inspection. However, I agreed to pay 3% in closing costs from my end. My remaining mortgage balance is around $94k, so you can see that I’m already facing a significant loss in selling this property.

I requested the closing documents to review all the associated fees and charges, and I was surprised to find that the out-of-pocket closing costs amount to $12,395.38. As someone new to selling property, I had expected to pay around $5k, so this figure seems quite high to me.

Also, I've already scheduled to sign the closing documents on Monday, April, 8. But I'm still a bit hesitant because of my lack of my knowledge about all of this. 

I’m reaching out to see if anyone has any advice on how I might be able to reduce these costs or if this is simply par for the course. Any insights or guidance would be immensely appreciated! Thank you all for taking the time to read this and for any help you can offer.

Attached is the image of the preliminary closing document for reference.