Home Selling in Memphis>Question Details

leahcroberts, Home Buyer in Round Rock, TX

Trying to calculate commission and closing fees to determine my profit.

Asked by leahcroberts, Round Rock, TX Wed Apr 3, 2013

I'm selling my house in Memphis, TN for $129,000. There are 2 agents involved and I owe about $81,000 on my house currently. How can I calculate how much money will be available after closing costs, etc.?

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7
Leah,
Many times your title company, in conjunction with your realtor can help you work up your net profits. There are many things that can come into play to whittle away at what you will be receiving - tax prorations, any repairs requested, agent commissions etc. I would sit down with the title agent and realtor to figure out what you can expect in terms of payout to you.
1 vote Thank Flag Link Thu Apr 4, 2013
Your Realtors should be able to give you a "net sheet" showing your approximate net after expenses.
0 votes Thank Flag Link Sat Sep 14, 2013
Thank you all. My agent has been pretty vague about several things, which is why I had to ask. Things will go through and the deal will be done, I just get the impression that I'm being left in the dark about just how much I should be receiving when all is said and done.
0 votes Thank Flag Link Thu Apr 4, 2013
Your agent should provide you with a HUD-1 Settlement Statement prior to closing which will have all the figures on it. That will give you the bottom line what you will walk away with, if anything after all costs have been paid.
0 votes Thank Flag Link Wed Apr 3, 2013
Well here you go, YOUR listing agent should be able to give you an estimate of your app. costs, actually you should have discussed that part with your Realtor at the time of listing your home with a real estate brokerage, you already know what your commission percent is on the sale price, you also should know
some of the other fixed expenses, and the others your Realtor should have given you some general estimates, the final numbers will be given to you shortly before the closing through the title company.

Consult your Realtor and sit down and put some app. numbers together if you had not done so originally.
What you are trying to get is an estimate of the net to seller, approximately.
Take care
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

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0 votes Thank Flag Link Wed Apr 3, 2013
Your agent, or a title company, should provide you with an estimated net proceeds sheet showing projected costs.as of a specific closing date.
0 votes Thank Flag Link Wed Apr 3, 2013
If the commission is 6%, 9% will most often serve as a close estimate of your closing costs. If you agreed to pay any of the buyers closing costs ad them to the 9%.

I hope you can buy something. This is the time.

Best of Luck
0 votes Thank Flag Link Wed Apr 3, 2013
Thanks!
Flag Wed Apr 3, 2013
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