Net Proceeds when selling your home
Your home’s selling price is not the same as the amount you walk away with. Your net proceeds, or the amount of money you will actually receive from the sale, are largely determined by the closing costs, which often don’t show up until the closing date itself.
It is impossible to give you a single formula that applies to all Riverside homes and Corona homes. If you want to get an idea what your net proceeds may be, a Pedersen Real Estate agent can give you an estimate so you’ll know what to expect at closing.
The main factors affecting your net proceeds may be:
- Real estate commission (usually around 6% of the price and generally the largest of the fees involved with selling a home)
- Closing costs, including title insurance, escrow fees, deed preparation, city utilities, and past-due taxes if applicable
- Repair credits
- Homeowner association fees, if applicable
- Credits to the seller to assist with their closing costs, if applicable
- Any unpaid judgments on the title report, plus interest
- Mortgage payoffs
- City and county transfer taxs (usually around 1-2%)
- Prorated taxes
This list is not inclusive of all of the fees that you may have with selling your home, but this gives you an idea of some of the fees involved.
