Estimating
Your Net Proceeds
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.
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