So, we're going to sell our house for $2 million, which means we're going to make $2 million. News flash, no you're not. You have closing cost. There's a lot more money at play here and I'm going to tell you how much it really costs to sell your house.
Maybe you refinanced, maybe you took money out to redo the backyard or took some money out to pay off some debt, either way, the equity that you thought you had in your house, you've depleted a little bit. When it comes to selling your home, it's so funny how quickly people forget they took some out. If you are selling your home, not only do you have to remember how much money you owe on the mortgage, because your net proceeds are going to be net of that money owed. You have to remember you're also going to have your realtor fees, your escrow fees, in the city of Los Angeles, Los Angeles transfer tax, the LA county transfer tax. There's a lot of money that goes into selling your house that people just don't think of. When you think of your net proceeds, I want you to think of how much money am I actually going to net after I pay all my costs and we could go down the rabbit hole of saving money on the commission.
But you guys know from prior Taya’s 2 Cents, you get what you pay for. If you want a discount broker, even in a hot market, you're going to get discount service, and yes, your property will sell, but it won't sell for as much.
Just remember that, even though you're going to sell your house for, let's just say $2 million. You're not walking away with $2 million. It's just not going to happen. You're going to have a net number and if you want to know what that number is, talk to your escrow officer. Have them put together a projected seller net sheet and if you don't know how to call your escrow officer, then just call me.
If you have any questions, or you want to start a dialogue, let’s talk.
Don’t forget to catch up on my weekly show, Taya’s 2 Cents, where share my two cents on different real estate topics from buying and selling real estate, owning a home and more.