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Selling your home by owner can be a great way to save money on commissions, but it also means you'll be responsible for calculating your own net proceeds. Net proceeds are the amount of money you'll walk away with after all of the expenses of the home sale have been paid. Here are some tips for calculating your net proceeds:
Determine Your Home's Value: You can use online home value estimators or work with a professional appraiser to determine your home's market value. This will give you a starting point for calculating your net proceeds.
Deduct Mortgage Payoff: If you have a mortgage on your home, you'll need to pay off the balance at closing. This will be deducted from the proceeds of the sale.
Consider Other Liens: If you have any other liens on the property, such as a home equity loan or a tax lien, these will also need to be paid off from the sale proceeds.
Factor in Title Company Fees: The title company will charge fees for their services, which include verifying ownership of the property, handling the title transfer, and issuing title insurance.
Account for Other Fees: There may be other fees associated with the sale, such as real estate attorney fees, home inspection fees, and home warranty fees.
By subtracting these expenses from the sale price of your home, you can calculate your net proceeds. It's important to have a clear understanding of the costs involved in a home sale by owner so you can make informed decisions throughout the process.
At My Home, My Sale, we offer resources and referrals to help you navigate the home sale process with confidence. Contact us today to learn more about how we can help you sell your home by owner.
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