Liens, back taxes, and other encumbrances subtract from your profits when you sell your house. If you aren’t sure of what is owed, check with a title company.
House Selling tip – Harahan LA: In determining what you will receive when you sell your house, there are items that you will be responsible for that may reduce the profit that you will receive, if any. Selling the house when you have already paid it off and there are no other amounts owed on it is the best of circumstances. It’s also quite rare. That’s one situation that allows you to come up with an asking price, and then sell the house knowing you will only be out the cost of marketing the house, the closing fees, and any contingencies the buyer has asked for and you have agreed to.
Selling the house when you have already paid it off and there are no other amounts owed on it is the best of circumstances. It’s also quite rare.
Most home sales aren’t that clean and simple. If you still owe on the mortgage, there’s that to consider. Many homeowners have taken out a second mortgage to finance something, pay off debt, send the kids to college, or even take a long awaited vacation. Any and all of those things will have to be figured into the final profit and deducted accordingly.
Other possible expenses that should be taken off what your home sale will net you include any liens that may be on the property. You will most likely know about any that were placed on the house while you were the owner. If you bought the house from an owner directly, however, you might run into something they failed to disclose. You’ll need to pay that off, too. Back taxes owed must be satisfied, and any other encumbrance that exists especially if you failed to do a title search before you purchased the house.
- Most home sales aren’t that clean and simple.
- Other possible expenses that should be taken off what your home sale will net you include any liens that may be on the property.
- The dropping prices play havoc with profits, as equity is the difference between what you owe and what the house is worth on the current market.
It is difficult for homeowners to see profits from house sales these days, particularly if they still owe on a mortgage and have little equity left. The dropping prices play havoc with profits, as equity is the difference between what you owe and what the house is worth on the current market. Since the market has dropped, that equity earned over years of paying down the mortgage may be smaller than you might think. Check thoroughly before you sell to see if you are going to come out with what you need, or whether it might be better to wait for a better time to sell. If you must sell and have no choice, try contacting a real estate investor for an offer on your house. They are very good at creative real estate transactions and may be able to help you.
Do not spend the time or money repairing your home and getting it ready to show…. We will buy your home “As Is” so you don’t have to do the work. We are as serious about buying your house as you are about selling it. Selling a house is usually an expensive and complicated process. That’s why real estate agents make thousands (sometimes tens of thousands) of dollars on a single sale. But, when we buy your house, there are no commissions to pay and best of all there is no “waiting” involved.
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