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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 $

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jeff jeffy answered 1 year ago
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