In considering an offer, your agent should give you an estimate of net proceeds showing how much cash you’ll receive at settlement. An offer that looks good on its face may have hidden costs. For example, when you’re presented with two offers at once, you may discover you’re better off accepting the one with the lower sale price, if the other asks you to pay points to the buyer’s lending institution.
Some of the expenses to anticipate are:
- Payoff amount on present mortgage
- Any other liens (equity loan, judgments)
- Broker’s commission
- Legal costs of selling (attorney, escrow agent)
- Transfer taxes
- Unpaid property taxes and water bills
- If required by the contract: cost of survey, termite inspection, buyer’s closing costs, repairs, etc.
Your mortgage lender may maintain an escrow account into which you deposit money to be used for property tax bills and homeowner’s insurance premiums. In that case, remember that you will receive a refund of money left in that account, which will add to your proceeds.
Note: Please see our Selling section for more in-depth information about selling your home.
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DISCLAIMER: This information is provided for general awareness only and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with a professional in their respective expertise for complete details.