Once you’ve been given an estimate of market value,
you can get a rough idea of how much cash you might walk away with
when the sale is completed. This can be particularly useful as you
start looking for aNother home to buy.
From the estimated sales
price, subtract:
- Payoff figure on your present loan(s);
- Broker's commission;
- Any prepayment penalty on your mortgage;
- Attorney's fees, if any; and
- Unpaid property taxes.
In addition, we can tell you whether local customs or rules expects
the buyer or seller to pay for the following items:
- Title insurance premium;
- Transfer taxes;
- Survey fees;
- Inspections and repairs for termites and the like;
- Recording fees;
- Homeowner Association transfer fees and document preparation;
- Home protection plan; and
- Natural hazard disclosure report.
As far as closing costs are concerned, you and your eventual buyer
may agree on any arrangement that suits you, No matter what local
practice dictates. Your REALTOR® will assist
you in estimating what your final closing costs will be.
It is difficult to predict what the exact closing costs will be
when you negotiate with a particular buyer. |
Estimating Net Proceeds
