What you really keep when selling a home
THE HOME GUIDE · 17
What you really keep when selling a home
The number on the sold sign and the money left after closing are not the same.
ABOUT 3 MINUTES TO READ
A QUICK LOOK · THREE THINGS TO KNOW
01 / START HERE
Start with the sale price
The price a buyer agrees to pay is the starting point.
02 / START HERE
Subtract what you owe
Your mortgage may need to be paid off.
03 / START HERE
Plan for a lower result
A home may sell for less than you hope.
A home selling for a high price can sound like a big win. But the mortgage still needs to be paid. There can also be fees and other costs.
PART 01
Start with the sale price
The price a buyer agrees to pay is the starting point. It is not the amount that goes into your bank account when the deal closes.
PART 02
Subtract what you owe
Your mortgage may need to be paid off. There can be agent fees, legal costs and other charges. Get written numbers before you plan.
PART 03
Plan for a lower result
A home may sell for less than you hope. Check how that would change your next purchase or your savings. A range is safer than one guess.
A SMALL STEP YOU CAN TAKE
One thing to check today
Make a list of the sale price, loan payout and each fee. Ask for amounts you can check.
HOW TO USE THIS
If you are buying or selling
If you are buying
If you need sale money for your next home, use a careful estimate.
If you are selling
Get the likely loan payout and selling costs before choosing the next budget.
SAVE THIS LIST
Three questions worth asking
- What is the lender's actual payout amount?
- Which closing and selling expenses apply?
- How does a lower sale price affect the next purchase?
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