One of the most common questions we hear from sellers is:
"How much money will I actually walk away with at closing?"
While every transaction is different, there are several costs that may affect your net proceeds when selling your home. Understanding these expenses upfront can help you plan with confidence.
If you currently have a mortgage, the remaining loan balance will be paid off at closing from the proceeds of the sale.
The title company will obtain an official payoff statement directly from your lender, including any interest owed through the closing date.
If your property has a home equity loan (HELOC) or other lien secured by the property, those balances typically must be paid in full at closing.
The title company will coordinate directly with your lender to obtain the necessary payoff information.
Property taxes are generally prorated between the buyer and seller based on the closing date. Depending on when you close and what has already been paid, adjustments may be made on the settlement statement.
Certain properties may have outstanding assessments for items such as utilities, road improvements, paving projects, or other local government improvements.
These assessments may need to be paid at closing or, in some cases, transferred to the buyer depending on the terms of the contract.
Sellers may be responsible for certain title-related expenses, recording fees, and other closing costs. The exact amount varies depending on the transaction and local customs.
During the transaction, buyers may request repairs or seller credits following inspections or other negotiations. These costs are agreed upon during the contract period and can affect your final proceeds.
If applicable, seller-paid compensation for real estate services is reflected on the final closing statement and deducted from proceeds at closing.
The best way to determine your estimated proceeds is through a personalized Net Proceeds Analysis.
At Latitude 26° Gulf Coast Group, we provide sellers with a detailed estimate showing:
Estimated sale price
Mortgage payoff
Closing costs
Taxes and assessments
Estimated net proceeds
Our goal is to help you understand exactly where you stand before your home ever hits the market.
Contact us today for a complimentary Home Valuation and Net Proceeds Estimate.
