Good Morning Bonnie,
How are you? Thank you for your inquiry. If you have an agent working for you, all of this should have been explained to you in details, or even before you post up your house on the market or when an offer comes in (so you'll get an idea of what you net proceeds are). But here's my take on your question and a brief overview of how your seller's closing cost is broken down:
If your home is asking and accepted at $200,000, it will be $200,000 showing on both sides of the settlement sheet as the purchase price. For seller side, it would be $200,000 MINUS 6% (which is $12,000) MINUS whatever the agent's listing fee was MINUS U/O City Certification MINUS Notary Fee MINUS your current mortgage balance (if you currently have any balance) MINUS any other miscellaneous fees, then that should be your NET PROCEEDS that you walk off the table with.
As far as the buyer's side goes, the $12,000 seller's assistance should be included in the $200,000 amount. So in technicality, the buyer is only offering $188,000 because you had to subtract the $12,000 from $200,000.
IF the buyer side is $212,000 as the purchase price, then your seller side of the closing costs would show $212,000 as the purchase price as well. And then that means the buyer is actually offering you a full price offer of your asking price because $12,000 will be deducted from $212,000 to make it become $200,000. That is taking into consideration that your mortgage company had an appraisal that allows them to lend out $212,000 amount to support the purchase price of $212,000.
Hope that helps! If you have any questions, please feel free to email or call me at (267) 918-1880.
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Phong Lam, CSM
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
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