Question
In: Finance
You are selling your house and you think it will sell for $335,000. You talk to...
|
You are selling your house and you think it will sell for $335,000. You talk to a real estate agent who is willing to list your house for $339,900. His fee is 6%. You currently owe $210,000 on your home. |
| a. | How much will the real estate agent’s fee be if you get a full price offer? |
| Real estate agent’s fee | $ |
| b. |
How much will the real estate agent’s fee be if you accept an offer for $335,000? |
| Real estate agent’s fee | $ |
| c. |
You pay off your existing mortgage and continue to use the same real estate agent. |
| c1. |
How much money will you have for a down payment on your next house in (a)? |
| Down payment | $ |
| c2. |
How much money will you have for a down payment on your next house in (b)? |
| Down payment | $ |
| d. |
If you sell the house on your own for $335,000, how much money will you have for a down payment on your next house? |
| Down payment | $ |
| e. |
The buyer wants you to pay closing costs of $4,700 and you pay off your existing mortgage. |
| e1. |
How much money will you have for a down payment on your next house in (a)? |
| Down payment | $ |
| e2. |
How much money will you have for a down payment on your next house in (b)? |
| Down payment | $ |
| e3. |
How much money will you have for a down payment on your next house in (d)? |
| Down payment | $ |
| f. |
You decide not to sell your house but to remodel and put on an addition. What is the equity in your house? |
| Equity based on the listing price | $ |
| Equity based on the offer price | $ |
| g. |
The bank will let you borrow 70% of the appraised value of your house, which appraises at $335,000. What is the maximum home equity loan you can get? |
| Maximum home equity loan | $ |
Solutions
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