Proceeds from the Sale of a Home
One of the most important questions consumers will ask themselves is "how much money the sale of their home will yield?" That is largely dependent on two things: the amount you still owe on the home and what you will have to pay your realtor for selling the home. If you have a second mortgage, or home equity loan, on the property, you will have to pay that off when you sell the home. When you sell a home, you will also have to pay interest on your outstanding mortgage balance from the date of your last payment until the time of the sale. You are also liable for property taxes up until the day you sell the home. At times, seller's have additional expenses. Local governments will often require that you pay a transfer tax when the home is sold. Incidental closing costs may also nibble away at your proceeds.