“Hi Gary. We own a home in Pacific Beach that we’ll be calling you to sell in a couple of months. But for now we just want to find out the value and how much money we’ll net from the sale so we can do some planning. Can you help us with this?”
Answer:
As to the value, you can either invite me by to see your home, or if you just need a rough figure, I may be able to do that over the phone. Call me at (858)457-KENT.
Regarding how much you’ll net, you can typically figure about 93% of the sales price. This covers the escrow fee, real estate fee, title insurance, county transfer tax, and other costs, including a 1% cushion for repairs, etc.
This does NOT cover:
1. Your last mortgage payment
2. Prorated loan interest
3. Any loan prepayment penalty
4. Prorated property tax
5. Excessive repairs for termite or other
6. Any liens or assessments
7. Return of tenant deposit or prorated rent (rentals)
8. Tax on gain, including recaptured depreciation
9. Possible tax withholding on rentals, non-CA residents, or non-citizens
