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Real Estate 1§!
Eileen M. Day REALTOR
NET ■WALK AWAY"
CASH
How can you determine how much cash you'll walk away with from the sale of your home? We can help you arrive at this figure. During your listing appointment, we will help you set a listing price for your home. Based on that price, well be able to give you an idea of your expected expenses and your estimated proceeds - or net "walk-away" cash. We begin with the sales price and then subtract anticipated costs, such as any mortgtage payoff penalty, discount points (prepaid interest paid to the lender by the seller), closing costs, taxes, broker's commission. and usually the largest cost of all. paying off the old mortgage balance. We can then add in any anticipated prepaid tax reimbursement or escrow reimbursement. The bottom line is your net cash from the sale. Whether you pay any taxes at all on the profit depends on what you do after the sale. If you buy a replacement home which costs as much or more than the one you are selling, you defer paying any taxes on the profit. If there Is anything we can do to help you In the field of real estate please stop in at EILEEN M. DAY, Realtor, the Clopton House, Washington, Va. 22747. Phone 675-3033. Were here to help.
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