What's My Bottom Line?

It is important to understand your position in your transaction throughout the sales process.  There are fees that are paid by a seller outside of the real estate commission.

itle fees can be as much as 2 - 3 % of your total closing costs for the sale of your property. You will want to provide your real estate agent with the payoff for your mortgage on your home. This should include any 2nd mortgages or Home Equity Lines of Credit.

Ask your Realtor to provide you with an Estimated Seller Net Sheet for your list price and your anticipated sale price.  The difference between the two is that the list price is your asking price and the anticipated sale price should be where your Realtor feels your sales price will negotiate.

When your net sheet is calculated your agent should include prorated real estate taxes, real estate commissions, any state conveyance fees, inspections that are typically paid by the seller, Title insurance policy conveying coverage to the new owner, document preparation fees and escrow closing fees and any other fees that have been negotiated in your offer.

If your property is a prime candidate for a first time home buyer or an FHA transaction, you may want to ask if paying closing costs on behalf of the buyer might be a part of your transaction.  Knowledge is a powerful thing.  You never want to have the bottom line presented to you for the first time at the closing table.

You would be wise to ask your agent to provide you a net sheet with your offers as they arrive. This will allow you to have an accurate view of your bottom line based on the line items being negotiated in your offer. This will help you with your counter offers throughout the process!