What will be your net proceeds?
You have an offer on your Metro Detroit home, but how much will be left in your pocket? That's the key. Here is a worksheet to figure that out.
What You'll Net at Closing
To find out how much money you'll net from your house, add up your closing costs and subtract them from the sale price of the house. You should do this when you set the price and after you get an offer that way you will know roughly what your bottom line is.
What are your closing costs?
Mortgage payoff ____________
Pro-rations for taxes ____________
Pro-rations for association dues ____________
Water escrow ____________
Owners title policy ____________
Closing fee from title company ____________
Home warranty ____________
Real estate commission ____________
State Transfer tax ____________
Closing Cost concessions to buyer ____________
Total costs ____________
Sale price - total cost = net proceeds
This net sheet should help you determine what you walk away with from each offer that you receive. It will help you make a sound decision on which offer to take.
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