ESTIMATING PROCEEDS
After you have determined the Market Value of your home you can get a fairly
idea of how much cash will be available after the sale is closed. The
actual amount of proceeds you will receive is an important number to know as it
will have an impact on your next transaction.
From the estimated sales price, subtract:
Payoff figure on your present loan, the lenders demand fee (if applicable) and any prepayment penalties (if applicable). Remember you pay the interest on a mortgage behind: example; your June'spayment is for May's interest. It's a good idea to figure one extra payment to cover unforeseen circumstances. Also, if you close on the 18th of the month, you will own 18 days of interest for that month.
Real Estate Broker's Fee ( Based on sales price at the agreed amount or percentage).
Your share of Escrow and Title Insurance fees: (based on sales price).
Recording fees -- Varies with Title company selected) The Mc & Mc Team keeps up with each of these)
Unpaid property taxes ( including current year prorated through day of closing)
Residential Service contract
Natural Hazard Disclosure Report
Inspections and repairs for Termites
Property inspection and appraisal (Lender required)
Inspection, Appraisal and Lender required repairs you will be responsible for
1/2 of State Stamps ( Arkansas property only)
Attorney fees
If Buyer is using VA Financing Seller will have certain items they have to pay for Buyer regardless of the agreement in the contract.
The cost of transfer of any current warranty policies on home (Termite) unless agreed otherwise in contract.
Cost of any items you agreed to pay for Buyer in Contract.
Some Agents or Sellers there is a good rule of thumb percentage such as 1.5% of the sales price. There is not rule of thumb percentage, you have to analyze the contract and terms agreed to then do the figures.
The Mc & Mc Team will estimate your final closing costs for you and guarantee you to be within $100.00 or we will pay the difference.
