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Selling a home calls for an informed decision based in part on the knowledge, judgment and guidance of not just a real estate broker or agent but one who is a REALTOR®
Here's a general example of how to calculate a Seller’s Estimated Proceeds
- Sale Price of Property (Estimated)
- Less Mortgage Balance plus one month's interest (Estimated)
- Less Other Encumbrances e.g. Home Equity Loan, 2nd Mortgage
- Here are some of the Estimated Selling/Closing Costs:
- Document Preparation /Underwriting /TRETS (FHA / VA only)
- Title Insurance / Title Search
- Doc Stamps on Deed (70 cents per $100 of Sales Price)
- Mortgage Prepayment Penalty (If Applicable)
- Real Estate Taxes (Prorated)
- Home Owners Assoc. / Condo Dues (Prorated)
- Termite Inspection (VA only)
- Repairs
- Home Protection Plan
- Unpaid Assessments
- Real Estate Commission
- Satisfaction of Mortgage (Estimate $25 per Mortgage)
- Termite Treatment / Repairs
- Attorney's Fees (if Applicable)
- Miscellaneous
- TOTAL Closing Costs
- Subtract the TOTAL Closing Costs from the sales price to get the Net Proceeds
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