Do I get back what I've put into the house as far as monthly mortgage payments including interest? Also, I would assume I get the difference from my purchase price and the price I am asking for (which is significantly larger due to many upgrades and remodeling).
Thanks
2007-11-29 00:32:23 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The answer to question 1: good lord, no! Not everyone uses a mortgage. If a person paid cash for the house do they get less appreciation because they haven't paid interest. Of course not. Interest is the cost to borrow money and is essentially lost.
You get the agreed upon sales price minus closing costs (which include 5-7% for a realtor) minus any outstanding balances from any mortgages you have.
Sales price is $150,000. Less commission (at 7%) is $10,500 and figure another $3000 for lawyer and miscellaneous closing costs would be $136,500. Then pay the mortgage(s) on the property and you get what's left!
good luck!
2007-11-29 00:51:26 · answer #1 · answered by Rush is a band 7 · 3⤊ 0⤋
You will get back the amount you sell the house for, less the real estate agents commission (5 to 7%), less anything that you still owe on the house.
2007-11-29 00:40:21 · answer #2 · answered by countryguyhfc 5 · 1⤊ 0⤋
Your profit or loss equals your selling price (what a buyer is willing to pay, not what you think your house is worth) less what you owe the bank, commissions to the real estate agent(s), any concessions you make (for example, closing costs), any liens you might have, and the cost of any repairs you agreement make post inspection.
2007-11-29 02:30:08 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You get whatever price you accept, less selling expenses. Nothing more, nothing less
2007-11-29 00:48:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋