1) The commission that you will pay to your Realtor
2) The transfer tax (2% of sale price total, 1 percent paid by seller and one percent paid by buyer)
3) The cost of conveyancing The seller is responsible for providing certificates from the tax collector and water and sewer authority to show the balance of your account. These issuing authorities will usually charge a small amount of between 15 and 35 dollars per certification.
4) If you live in the borough of Schwenksville you will have to pay $50 to the borough for them to do an inspection of your home and issue a Use and Occupancy permit
5) Notary fees for the title clerk to notarize the closing documents will be around $20 and they will probably charge you about 16-35 dollars to overnight or wire the payoff to your mortgage company.
You will need to request a payoff statement from your lender, if you are looking at the principle balance on your loan statement you can add, ballpark, the amount of one moths payment to the principle balance for a more accurate number (you payoff will be higher than the principle balance on your statement).
Take the payoff amount of your mortgage, add to it all of the expenses that I have listed above and yo will be able to determine what amount of money your would have to sell your home for to break even. THIS DOES NOT MEAN THAT YOU ARE GUARENTEED TO SELL YOUR HOME FOR THAT AMOUNT. A good Realtor will be able to do a Comparative Market Analysis for you to help you to understand what to expect from the sale of your home. I hope this helps
Keller Williams Real Estate
(267) 446-7266 Preferred
(215) 631-1900 Office
Contact a local Realtor and ask them to do a Comparative Market Analysis (CMA) for you using comps that have SOLD within the last 3-6 months that are within a 1 mile radius of your property. Ask them to do a Seller Net Proceeds sheet with the CMA. (This should include all the costs to you so you can see what the 'bottom line' is).
It is distressing to read you having difficulty affording your home.
Your question involves a very complex analysis of your situation, your lender and the local market.
If the analysis indicates a short sale is the best solution, you wll not be required to pay any fees. Also, you should not be concerned with the price for which the home sells. For you, the outcome of a short sale will be you end up with NOTHING! NO PROFIT! AND N O D E B T !!
Starting correctly is ESSENTIAL. You may find the Homes Affordable program to be the solution you want. Call a Schwenksville real estate professional who is experienced in distressed property sales just like yours.
Several will provide their contact information in response to your question.
You will need to pick up the phone and CALL them.
Time is NOT your friend. Call.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Serious people call
Serious people need reliable information
*Philadelphia Magazine Five Star Professional Award Winner 2012
National REO Broker Association (NRBA) Member
794 Penllyn Pike, Ste. 120
Blue Bell, Pa 19422