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| Real Estate with Joy |
| Joyce Erskine-Jordan REALTOR®, GRI |
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Each RE/MAX office independently owned & operated.
| How can you determine how much cash you will walk away with from the sale of your home? |
That’s a good question! In fact, two good questions that Joyce can help you with.
Joyce can help you set a listing price for your property. Based on that price, she will be able to give you an idea of
your expected expenses and your estimated proceeds - or net “walk-away” cash.
Beginning with the sale price, subtract anticipated costs, such as any mortgage payoff penalty, and discount points*,
which you have agreed to pay, settlement fees, taxes, broker’s commission and, typically the largest of all - paying
off the old mortgage balance. Anticipated prepaid tax reimbursement or escrow reimbursement may be added in.
The bottom line is your net cash.
Remember, this exercise is only a ballpark figure bases on estimated costs and sale price. Any changes in the
figures will affect the bottom line on the actual sale.
Are there any other costs of selling your home that you should know about?
Besides the above costs of mortgage payoff, fees, commissions and settlement costs, you will probably have the
following expenses:
· Fix-up costs
· Home buying costs, including down payment, if you buy another house
· Moving costs
· Costs of equipping an/or furnishing your new home
Your gain from the sale will probably cover your additional costs; but, if it is close, be sure to maintain a cash or credit
reserve for unexpected expenses.
* Point
A one-time charge required by the lender, which is paid by buyer and/or seller at settlement. Each point is one
percent of the new loan amount. Example: one point on a $78,000 loan is $780; $78,000 x 1% = $780. Points are
charged by lenders to increase the yield of their loans, and thus attract money into the housing market.
Joyce can help you set a listing price for your property. Based on that price, she will be able to give you an idea of
your expected expenses and your estimated proceeds - or net “walk-away” cash.
Beginning with the sale price, subtract anticipated costs, such as any mortgage payoff penalty, and discount points*,
which you have agreed to pay, settlement fees, taxes, broker’s commission and, typically the largest of all - paying
off the old mortgage balance. Anticipated prepaid tax reimbursement or escrow reimbursement may be added in.
The bottom line is your net cash.
Remember, this exercise is only a ballpark figure bases on estimated costs and sale price. Any changes in the
figures will affect the bottom line on the actual sale.
Are there any other costs of selling your home that you should know about?
Besides the above costs of mortgage payoff, fees, commissions and settlement costs, you will probably have the
following expenses:
· Fix-up costs
· Home buying costs, including down payment, if you buy another house
· Moving costs
· Costs of equipping an/or furnishing your new home
Your gain from the sale will probably cover your additional costs; but, if it is close, be sure to maintain a cash or credit
reserve for unexpected expenses.
* Point
A one-time charge required by the lender, which is paid by buyer and/or seller at settlement. Each point is one
percent of the new loan amount. Example: one point on a $78,000 loan is $780; $78,000 x 1% = $780. Points are
charged by lenders to increase the yield of their loans, and thus attract money into the housing market.
| 10525 Timberwood Circle Louisville, KY 40223 800-444-1946 Ext. 193 TF 502-992-4193 Direct 502-425-6222 Fax email Joyce |
