Everyone wants to know how much money they are going to get from the sale of their home.
After you've been given an estimate of market value, you can then more accurately calculate
the amount of profit you can realize.
It can be particularly useful as you start looking for another home to buy, to figure out
how much you can put down, or how much of your debt you can eliminate, which will allow you
to qualify for more house.
Remember, no one can tell you exactly what your net proceeds will be due to the fact
many of the costs won't be known until the process is underway, and the actual closing
date has been set. The actual closing date will determine some of the fees involved such
as taxes, insurances, and the ordering of some reports such as the Home Owners
Association transfer and documentation preparation.
Don't forget that there can be numerous fees involved with the selling of your home.
From the estimated suggested sales price, subtract:
- Payoff balance on your present loan(s)
- Any prepayment penalty on your mortgage(s)
- The broker's commissions
- Attorney's fees or escrow fees
- Any unpaid property taxes
- Title insurance
- Termite inspection
- Property ID report
In addition, I can tell you whether local customs or rules expects the buyer or seller
to pay for the following items:
- Title insurance premium
- Transfer taxes
- Possible survey fees
- Possible repairs for termite damage
- Recording & documentation fees
- HOA transfer fees and document preparation
- Home protection plan
- Natural hazard disclosure report
Some of the payments of closing costs can be negotiated between you and your eventual
buyer, some you are required to pay. I will help you in estimating what your
final closing costs will be based on current past sales I was invloved in.
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