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 It’s a nice sunny day, and
you and your sweetheart are out looking at homes you’d like to purchase
one day. Yet, before you make that jump, make sure you take a look at the
financial feasibility of selling the home you’re in now. Put together a
worksheet to help you evaluate the actual amount of money you would walk
away with after you’ve looked at the costs.Broker Commission While we would all like to save this commission and sell our homes ourselves, the reality still exists that your home will sell faster and for a higher price with the help of a real estate agent provided you are in a normal to slow market. The fee for this will run 4% to 6% depending on your market. Closing Costs Each time you sell a home, you will be responsible for paying certain closing costs. This includes transfer taxes, prorated property taxes, and legal fees. In some states, you are required to pay survey and title costs as well. You can contact a local real estate agent who will provide you with a closing cost estimate, or look at the closing statement from when you first bought your home. Both are free. Mortgage Payoff Sorry, you can’t take your mortgage with you. |
When you pay
off a mortgage, you’ll have outstanding
interest charges along with the unpaid principal amount. Call your
mortgage servicer to find out how much you still owe.
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