Here’s how sellers can easily find how much cash they’ll keep.
How much money will you actually net when you sell your home? The final sales price of your property is important, but what really matters is how much of that money you get to keep at the end of the day. So how much will you actually net from your home sale?
To find out, you first have to calculate how much your home is worth. You can use an online home value estimate or you can give us a call and we can give you a range.
After that, it’s time to calculate expenses. For example, sellers pay a Grantor’s tax in Virginia. In Northern Virginia, the grantor’s tax is $3 per thousand of sales price, and in the Northern Neck, it’s $1 per thousand.
“No one likes paying commissions, but hiring a good Realtor is more than worth it. ”
There is also a settlement fee charged by the settlement company, which ranges anywhere from $400 to $600, along with a deed preparation fee of $100 to $200. There are also some recording fees and other nominal fees, such as making sure that your payoff gets wired. You can use a $300 estimate for that.
The only other expenses that you might have are any closing costs that you agreed to pay for and any Realtor commission fees. Nobody likes paying commissions, but a good agent will help you sell your home for more money, so you’ll end up keeping more cash in the end.
Finally, you would take your home’s value and subtract your expenses and your mortgage payoff to calculate how much money you will keep. As always, if you’d like to go over this in more detail, give us a call or send us an e-mail. We’d love to hear from you.
