Reply to please help me understand something about selling

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Reply to "please help me understand something about selling"

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[quote=Anonymous]Thank you so much.  You are right:  I only had/have tahe basics so I definitely appreciate the fleshed-out info in your previous post. Thank you so very much.

Ok, so I just got the principal balance finally from our mortgage company, and that is $322,420 and some change.  The lady was sure to stress that this was not the exact payoff amount, bc that would require us to email a request and then we'd get it a reply in 2 days taking into account interest, etc., but that it was a good ballpark estimate.

So, given that info, if we owe roughly $320K, to get $100K in our pocket after closoing we'd have to sell at $420K, but then we also have to add in commission and other closing costs, so we'd have to sell at about. . .. $460K???

And, like you said, we'd have to also factor in at whatever we may have to do in repairs or give to buyer for concessions.

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But, the more we pay down our mortgage now, before we sell (which could be in a few more years), the less we'd have to sell it for, in order to walk away with $100K in our pocket, b/c we'd owe less on our mortgage.  [/quote]

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