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. |