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 (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.
The main factors affecting your net proceeds may include:
- Real estate commission (usually around 6% of the price and generally the largest fee involved with selling a home)
- Repair credits
- Homeowner association fees, if applicable
- Credits to the seller to assist with their closing costs, if applicable
- Any unpaid judgments, plus interest and penalties
- Mortgage payoffs
- City and county transfer taxes (usually around 1-2%)
- Prorated property taxes any any past due property taxes
- Title insurance
- Escrow fees
- Home warranty for the buyer
This list does not include all of the fees that you may have with selling your home, but this gives you an idea of some of the fees involved.