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LittleSpitfire | If I sell my house for $550,000 dollars, how much can I expect to get after closing of the sale? |
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Janet P
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You need to subtract any owed mortgage, any liens, all fees associated with the sale, your tax (if over the limit still) and that will give you your amount from the sale. |
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Jon H
 |
It depends on how much the realtor will take for his/her commission. The fee is negotiable but you should know before signed a contract. Here in alberta Canada it's usually 7% on the first $100K and 3% on the rest. This fee would be split between the buyer & seller realtors if there's two or just your realtor if he finds you a buyer. Here they will also charge you 6% GST on their service.
hope that helps |
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Nancy
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I think you need to tell them the amount of your current loan, equity, agent commissions, and fees but I am honestly just guessing based on answers to other questions that I read today. |
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Nancy Kay
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no way to tell without knowing how much you owe on it, how much commission you have agreed to pay, local taxes on deed, repairs and reports, etc...there's a lot to be considered |
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mazziatplay
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This formula should get you close:
Sales price less 6% (or agreed upon Realtor's commission)
Deduct mortage liens and any property taxes owed.
This should give you an approximate net |
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SNW
 |
Glory,
Darling, you are going to have to give us a bit more than that in order to help you out.
Quite simply, take you $550k and start subtracting your overhead, (including balance owed, commission(s), any unpaid taxes, all liens (if any), any items the buyer are having you pay for etc.). All these items will be illustrated in your HUD form. Whatever is left over from your subtractions is what you can expect to get at closing.
You might owe money, you might make money, it's really hard to tell with the "information" you provided.
Happy Selling |
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loan_wzrd
 |
You can expect to get balance after you deduct the current amount of mortgages owing, less the costs covered by you as the seller, and less the commission to realtor. The seller usually pays for the cost of any repairs called for on the termite inspection and home inspection (the inspection costs are usually covered by the buyer). They also pay for a home warranty for the buyer. This is a plan that covers any defects for one year after the buyer purchases your home. Of course I emphasize this is the "usual" case. So for example, if you owe 300K, your costs tied to selling the home are about 10K, and the commission to the agents is about 28K, you will have 212K in your pocket. These are very rounded figures based on the rules of the state I live in. Hope this helps you. |
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P S
 |
Subtract the amount you owe on your home (mortgauge, 2nd mortguague, etc)
Subtract any Leins
Subtract Realtors fees (6% unless you have a different rate)
Subtract any possible taxes
subtract any repairs/upgrades you made to the home to sell it
That should cover most of it. |
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CJ
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Depends on what you owe. What's your originalloan for? Any equity linesof credit? Add those up, then minus them and $33k in commissions (6%), maybe another $3000 or so for sellers closing costs, and that will be your profit.
That $33k in commissions is based on $550k, although usually no one sells a house for what they list at.
Don't forget possible gains on the profit. If you have lived there primary 2 years or more, you are exempt. |
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Me-She
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If it's clear profit, you get all of it. If you used an agent, then you take off their amount. |
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