Sunday, June 5, 2016

How much will we get when we sell the house?


Evaluating our home


Worth:

Approximately $145,000.00 value (give or take) as of 06/05/16 (an agent indicated that we could get more, possibly, under certain circumstances). Value could change by next year.

Owed:

Approximately $114,000.00 mortgage (give or take) as of 06/05/16

Difference:

Approximately $31,000.00 in sale proceeds, before fees, agent, and other closing costs.

Question:

How much are closing costs for the seller? How much does the agent cost? 

How convenient, a Texas Closing Cost Estimate for sellers. Based on the estimated value and mortgage, a 1% agent commission, the net pocket from the sale of the house would be about $26,526.

Of course, I have no idea if 1% is normal for an agent, or if it's more. And these figures are from an online tool, totally imaginary. I think this is a best case scenario.

One site (here) estimates a 6% commission for the sale of the house, resulting in a $8,700.00 cost, vs the $1,450 estimated below. $7,250.00 more.

In that scenario,  the net take home from the sale is closer to $19,276.

Dang... Maybe I should get a Real Estate License. If I only sold homes worth $145,000; I'd only have to sell 6 homes a year to be comfortable. Over that is gravy. Hmm... Something to consider.







Darrell

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