If you've thought about selling your home, then you've probably thought about the payday at the end of the transaction. Whether it’s your down payment money for your next home or just money to take away from the sale, it’s important to know how it all breaks down.
We've been getting a lot of inquiries about the amount of money it takes to SELL your home so we thought it would be a good idea to Blog about what you can expect to spend throughout the process!
Knowing what a sale will cost you ahead of time will certainly reduce any confusion on closing day!
Now let's take a look at some of the fees throughout the listing process that you can expect to pay!
Lastly, the best question you can ask… how quickly do I get my money? Most buyers in today’s market will be obtaining a loan to purchase your home. Once their loan has been fully approved and funded, the attorney will record the sale with the Register of Deeds in the county of the home you’ve sold. Once the sale has recorded, the attorney will payoff your mortgage and pay all professionals associated with the sale. Your proceeds will then be wired to your bank account or a check will be made out to you. So your mortgage is now paid off and your account will be closed, at that time, the mortgage holder will write you a check for the remaining money in your escrow account (this is the money you’ve been paying in towards taxes and insurance). You can expect that check within 30 days after closing.
Hopefully, with these costs in mind, you’ll be able to avoid any surprise expenses when the time comes to list your home! When working with Bailey & Co. we will prepare all these numbers for you with an estimated seller’s net sheet to show you, exactly what you can expect to walk away with.
If you’re curious about our reference to staging and how that can help your home sell faster and at a higher price, stay tuned for our Bailey & Co. Staging Blog next week!