Once you’ve been given an estimate of market value, you can get a rough idea of how much money you will have when the sale is complete. This can be particularly useful when you start looking for another home to buy.
To estimate your net proceeds, from the estimated sales amount, subtract the applicable costs in the three sections outlined below: seller’s costs, buyer’s/seller’s costs and closing costs.
Payoff figure on your present loan(s) Broker's commission Prepayment penalty on your mortgage Attorney's fees Unpaid property taxes
Closing Costs: As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. I will assist you in estimating what your final closing costs will be.