Closing Time: How Much Can I Expect from the Sale?
Because most people who put their home on the market plan to buy another, you want to know how much you can afford to spend, or how big a mortgage you need, before you start looking. (This is called getting “pre-qualified.”) As part of the comparative market analysis, Team Tringali will provide a Net Proceeds Statement, an estimate of what you can expect based on the proposed sale price, and after paying the following expenses involved in most real-estate sales transactions:
Potential costs at closing
- Your mortgage (if any) will be paid off.
- Taxes and any condo/association fees will be prorated.
- Title policy fees will be paid.
- If you have home warranty insurance, that will be paid.
- All inspections.
- Brokerage fees.
Congratulations—you’ve got a sales contract! Team Tringali will take over from here, with team professional Shawnda Misina making sure the paperwork is complete and submitted promptly to the mortgage company, title firm or attorney, buyer’s broker, and that applicable taxes, association fees and utility payments are prorated as necessary. If you’ve offered a home warranty, we’ll handle that too.
If the buyer wants a home, septic and/or well or radon inspection, we’ll arrange it. If buyers need a mortgage an appraiser will look at your home. Don’t worry, you’re in good hands. All these details mean a lot of paperwork at closing, so there’s no short answer as to the exact amount of check you’ll get at closing until that week.