How much will we end up making after all fees are paid?
We bought a house from an older man for only $45,000. We have made lots of improvements and want to sell it to make some money to pay off the rest of our debt. We found a real estate agent who says she gets 5%. But what else will we have to pay? We want to make $20,000. We still owe $44,000. (We havnt had the home for long) So my question is how much would we have to sell our house for in order to walk away with $20,000. (AFTER FEES AND ALL) We will be talking to our agent Monday but we are kinda anxious to find out. Thanks!! Oh and we are located in Texas…
Let’s add it all up:
$44,000 loan balance plus you need to add additional interest from the bank depending on when you made your last payment, and depending on the day of the month your loan is paid off. Let’s estimate an additional $500.
Plus, the $20,000 in cash you want to walk away with.
Plus, you’ll need an attorney to prepare the warranty deed for the sale. Check with your attorney or title company (in Texas, you would use a title company). Let’s estimate $500.
I won’t add them in here, but you might have to also add in any seller concessions.
So you’ll need $65,000 AFTER the Realtor commission.
Remember, the sales commission is based on the PURCHASE price. Since it’s a 5% commission, divide $65,000 by (1-.05), or 95% and you get $68,421.05. This should clear you your $20,000. Make sure the Realtor does a market analysis – hopefully you’ll be surprised and the value will be higher. Good luck!
Texas Real Estate
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