What Number is More Important Than the Sales Price of Your Home?
You might say that the most important number when it comes to selling your house is the sales price. But is it really it?
Turns out, maybe not!
The net proceeds, or the money you’ll be left with when you close escrow, is the most important number when it comes to your home sale. And the value is hugely different from the net sale price of the house. We’re discussing how this number is calculated in today’s episode, so stay tuned!
- When calculating your net proceeds, consider any liens, payoffs, mortgages, and any money you owe other people.
- Understand how much of the tax you may owe. Your net might then look different than what you think it is.
- The sales price of your home has to take into account the commissions – for your agent and the buyer's agent. Those run about 5-6% but are negotiable.
- Take into account the escrow fees and attorney fees.
- The biggest number on your net sheet is your loan payoff.
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