We Buy Houses - Baltimore MD: Not all sales are the same and in today’s market that couldn’t be more true. Since so many homeowners are upside down in their mortgages it makes it even more challenging to find any profit in the sale of a home. If you have had equity in the last few years it may have disappeared as the value of your house has dropped. Keep these factors in mind when you try to figure your profit from the sale.

In some cases a seller will end up owing money out of pocket for inspections, closing costs, and commissions if someone sold the house for you. This is why the equity you have in the house is important to know. This way you can be prepared for what your home sale may cost you. You might need to wait for either the home prices to go up or to save up enough money to cover the sale costs if there is no equity.

You, the seller, will be responsible for the liens on the house if there are any. A second mortgage will have to be paid off, too. In other words, if you have a house that you can sell for $300k in the current market and you still owe $200k on the first mortgage, you now have $100k. Let’s say there’s a mechanic’s lien for $15k on the roof you couldn’t pay for when the roofers fixed your leaks. We’re down to $85k. If you took out a second mortgage to pay off some bills and catch up a few years ago and still owe $75k on it that will come out of the proceeds. You now have $10k left.

Depending on what inspections you may have to pay for in the state you reside in they will also come out of that money if you didn’t pay for them up front when they were done. This is just a simple example of what you might expect when you sell your house. The figures will vary widely, of course, depending on your particular situation and the laws where you live. If you were to owe commission on this house you might even owe an additional $9k to $18k if the commission rate was the typical 3 to 6%. If you have equity in your house and don’t owe seconds and liens you will be much better off when you sell.

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CityHomeBuyers.net is Peter Gauthier, a Real Estate Investor that buys and sells houses like kids trade baseball cards in Maryland Prince George’s Maryland! If you have a home that you need to sell, contact us to see how we can buy your houses in 7 days or less and close when you want!

To see if your house would qualify for our fast home purchase program, please complete our confidential home seller questionnaire on our website at CityHomeBuyers.net