Retinoblastom - Forum

bargeprawns · Mitglied Beiträge: 90

So we have a 30 year fixed mortgage and put down 20% and make a monthly mortgage payment. If we decide to sell our house when someone buys it do we get our down payment back and they just take over our payments? Sorry this sounds like a stupid question but we’re first time homeowners and debating moving so I’m just not sure how this works.

fuppetbed · Mitglied Beiträge: 35

no , a buyer can't generally assume a mortgage ...you sell it for what you can and the buyer gets their own mortgage and your lender takes what you owe out of your proceeds. if it does not cover what you owe then you bring a check and take it from piggy. anything left over from closing costs and paying the lender is yours whether it is as much as your down payment or not .

gaironerous · Mitglied Beiträge: 40

The buyer will have their own money, or get their own loan, just like you did.

The buyer pays off your loan (*Hopefully! See below) at closing. If you look at your loan statement, there is a principle balance owed. This is roughly the payoff amount.

You, along with a good Realtor hopefully, will set a good fair market value price for the house.

*Hopefully your home has gone up in value since you bought it, that makes all the math easier and makes sellers happy and we like that.

Anything you net over what you owe, after paying taxes, fees and Realtor commissions, is your cash.

bargeprawns · Mitglied Beiträge: 90

Mortgages are typically not assumable. Buyer has to get their own mortgage.

fuppetbed · Mitglied Beiträge: 35

No you don't get your down payment back specifially or guaranteed, and people do not take over your payments, not in general at least.

You sell the house not the mortgage. The new buyer gets their own loan/mortgage.

You have to pay 6% of so of the money the house costs to the Real Estate company who sells the house.

6% would be $6000 for a $100,000 house, or for every 100K worth of house. You don't really pay it, it's deducted from the money you get at the end.

So if you bought recently, you are not going to make much you may even lose some in real estate fees.

Here is how it works basically.

If you bought a house in a good market where they increase in value lets say you paid $100,000 for the house.

If you put down 20% that means you paid $20,000 and financed $80,000 which is what you owe, you owe more with interest but if you get an inheritance you can pay off the home at once with only $80K

It also depends how many years you have been paying off the house, the first few years most of the money paid goes to pay the interest and not much towards the principal. You monthly statement should say how much the total for you to pay off the house is.

If the house is now worth $150,000 and it appraises for that much the new buyer gets a new mortgage for $150K and they put down however much they want with their bank,. their loan/mortgage has nothing to do with yours.

So if you are selling for $150K because you home went up in value and you owe 77K to finish paying off the home all at once.

150k-77K = you will get 73K gross - 6% realtor fees 150 x .06 =9000 so you would get $64,000 minus any other seller fees.

So you do get your $20K deposit plus another $44K in this scenario.

gaironerous · Mitglied Beiträge: 40

But your deposit return as you say is not guaranteed, if you only bought recently and have not paid long enough to bring down the principal and the home has not gone up in value that means that the Real Estate fees are going to eat into your cost of selling and you may not even get your full 20% back.

The money you get back is the equity earned in the house. You can earn equity because you have paid many years into the property or because home prices have gone up or both.

and they say there are no stupid questions, so always ask if you don't know something.

bargeprawns · Mitglied Beiträge: 90

I will say the same thing as the others only shorter.

You sell the house for the most you can. Before you get the money:

The mortgage company takes the rest of the amount you owe them out of that.

There are a few other costs of selling that go to the realtors, taxes, etc. that also get taken out.

The entire amount left over is yours to keep.

If that is a positive number, congrats you made money on the house.

If it is a negative number, oops, you lost money and need to have a way to make up the difference to the mortgage company.

fuppetbed · Mitglied Beiträge: 35

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gaironerous · Mitglied Beiträge: 40

Yes, not so much minus the mortgage payment because some of those go towards interest or taxes or insurance, but minus the mortgage amount that went towards you principal, or basically what you owe if you were able to pay off the house in full.

But Yes, you get the what the home sells for 330K or more hopefully minus what you owe 250K minus real estate and other fees.

so if you put 20% on 330K that was $66K, 6% is $19,800. so 80K minus almost 20K is $60K so you don't get your full deposit back, but almost and you did live in the house so that had some value.

bargeprawns · Mitglied Beiträge: 90

$330k - $250k = $80,000. Then you subtract realtor Fees, the Title Policy for the buyer of your home and potentially transfer taxes depending on what state you live in. If no transfer taxes, then $80,000 - ($19,800 Realtor commissions + $2,000 Title est) = about $58,200. *6% Realtor fees are common, but at times negotiable - - also consider the cost of cleaning up the house to make it Sale Ready, and your local market/possible Seller credits.