This series is devoted to the listing process and aimed at sellers. There will be a great deal of info covered dealing with the general legal aspects of selling a home, and the things that you as a seller need to think about in regards to timeline. It is my hope that after all 12 entries are completed, you will feel more comfortable with the information and you will feel ready to move forward.
BIG Financial Decisions
All decisions should be made with as much information as you can develop. The more information you have, the more likely you are to make a wise decision. Home ownership is a key component of financial planning. For most people, their home is the largest portion of their financial puzzle.
Whats the bottom line?
When offers start getting made on your home, its important to remember that the top figure isn’t the amount you are receiving. There are other items that have to be factored in and subtracted from your proceeds.
Most sellers are aware of the real estate agent commissions. Before a seller receives their funds, the county taxes must also be accounted for. If there are seller concessions or other closing cost assistance the seller should consider them in their overall decision. Funds that are often forgotten about are the county land transfer and state excise tax. These amounts are based on percentages and definitely impact your bottom line
Seller Estimated Net Sheet
This is a form that agents use to help you drill down on the actual amount you will see. The form is a line accounting of the estimate that sellers are likely to encounter on different scenarios of offers. For my clients I present these as 3 potential scenarios and price points. This assist sellers in being able to make a big decision based on knowledge and information.
Its important to remember this is just an estimate. Episode 19 of my series is on the closing disclosure, which is presented to the seller a few days before closing. The closing disclosure is the official accounting of the transaction and is the amount the seller will actually see when the home closes and funds are disbursed.
More to come
We are quickly approaching the end of the year and there are 5 more episodes coming. That will take us to the magic number of 52 for the year. I am already working on the plans for 2022. If there is a term or topic you want to learn about please let me know.
Are you ready….do you know someone who is?
Statistically speaking, you or someone you know is considering listing their home for sell in the next 3-6 months. I imagine the information on my web site and YouTube page could be of some use. If you don’t mind, please push them to your friends and family that are considering selling or buying. There’s a lot to the process and I can guarantee they will find value in the presented info. I’m standing by when you are ready to get moving.
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Chris Whitehurst
Rose & Womble
252 312 2263