In this episode of the Loan with Jen podcast, we deliver a no-nonsense breakdown of closing costs when selling your home, free from any corporate buzzwords. We delve into the intricacies of prorated property taxes, emphasizing that even if you've been escrowing your taxes and insurance, they must be settled at the closing table.
We emphasize the importance of knowing the specific costs associated with your state - closing costs can vary from state to state. We explain the realtor commission and estimate title and legal fees. We also provide a step-by-step guide for calculating and deducting taxes and other potential expenses, such as unpaid loans, utility liens, and homeowners' association dues.
In this episode, you’ll learn:
- What is percentage is realtor commission
- What is the estimate on title and legal fees
- A practical example to illustrate the calculations involved
- How to determine your net proceeds from selling your home
Must-listen moments:
[00:00:58] Regional differences in closing costs
[00:01:20] Realtor commission and buyer and listing agent’s cut
[00:04:35] What is prorated property tax and the necessity of crediting them to the buyer during closing
[00:05:35] A step-by-step guide for calculating prorated property taxes based on the month of sale
[00:06:30] What are potential expenses, including unpaid loans, utility liens, and homeowners' association dues
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo
To contact us visit www.loanwithjen.com
Equal Housing Opportunity Lender NMLS# 514497
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