Reply to please help me understand something about selling

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[quote=Anonymous][quote=Anonymous]

OH I see what you mean!  Thank you!  So I really really need to get what that mortgage balance is.  B/c since we'd like to walk away with $100,000 in our pocket (and not necessarily $100 profit), that seems to be the lynch-pin.  [/quote]

13:43 again.  Okay, you've got the basics there.  But a few more tips (which you may or may not know).  First, the payoff amount of a loan is going to be higher than just the outstanding balance.  The original amount and interest payments were designed to prorate across 15 or 30 years and when you pay off, they still get to compound interest for the last month based on a payoff.  So, you need to plan for some additional interest, plus some loan management fees that will be factored into your final payment.  The amount of interest depends on your interest rate, the number of days that they get to charge interest (the interest is higher if you pay later in the month vs earlier in the month).  You need to ask your bank to computer what your payoff amount would be at any given time to give you an idea of how much over the amount of your mortgage balance to plan for to cover those fees.  I also am really serious that you need to do a serious evaluation of your home and property to determine what things are in usable/good condition and what things will need to be replaced.  Think of yourself as a buyer and imagine whether you'd want to buy a new home and worry about appliance or poor DIY repair in a closet, or an unfinished room that needs to be finished, etc.  You should build in about 1-2% of the home price for repairs, items that will need to be addresses before selling and to have a buffer for seller concessions that the buyer may (and probably will) ask for.  If you're willing to spend that $-4-8K out of pocket and not include it in the $100K in pocket, fine, but most people include that in their profit margin so take it into account.[/quote]

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