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Sellers Proceeds

 When calculating sellers proceeds there are a number of important things to remember. I will provide you with an accurate estimate within 2 days of taking your listing however, sellers may want to do their own estimates eve before they hire me.  As a quick method you can estimate approximately 7.3% of the sales price as closing costs.  This would not include unusual or unknown factors like pre-payment penalties or corrective termite work.  So much of the estimate is based upon sales price, terms of the contract and repairs in escrow.  Exact estimates are impossible until the day you close the transaction.  However, when I have all the details, I will do my best to give you an estimate of your proceeds.  To do an estimate your self, begin with the sales price and then subtract

·        Mortgage loan pay-off(s) plus one full payment
additionally your lender (s) will have associated charges you will be required to pay to close out the mortgage.  They are:
      pre-payment fees
      wire transfer charges
      doc prep charges
      demand fee
      Reconveyance fee

·        Current taxes due (pro-rated)

·        Escrow fees

·        Sub escrow fees

·        Title charges

·        Termite report and any corrective work needed

·        Realtor Commissions

·        Any additional costs for work to be done
      for small repairs paid for through escrow (i.e. water heater strapping)

·        Disclosure reports as required by the state

·        Any charges paid by the seller for the buyer (if agreed in the offer)

·        Notary fees

·        Lender fees as required by the contract (this applies if you accept FHA, CVET, VA or similar type offers with government regulations)

·        Wire transfer fees

·        Courier services

·        Etc.   Estimate an additional $300-$500 for unknown misc. charges.

 

 You may also be entitled to credit such as pre-paid taxes and insurance, impound accounts, dues, etc.