Can I sell my home during bankruptcy?
In many cases you can sell during bankruptcy, but the court and trustee may need to approve the sale terms and how proceeds are used. The process differs between Chapter 7 and Chapter 13, and timing, exemptions, and equity levels all matter. You’ll need to coordinate closely with your bankruptcy attorney and a knowledgeable real […]
How do transfer taxes affect my sale proceeds?
Transfer taxes are fees charged by states, counties, or cities when property changes hands, often calculated as a small percentage of the sale price. In many markets the seller pays this tax, which comes out of your proceeds on the closing statement. Knowing the rate in your area helps you price correctly and avoid surprises […]
What is a listing agreement and what does it cover?
A listing agreement is a contract between you and a real estate brokerage that authorizes the agent to market and sell your property. It typically covers the listing price, commission, length of the agreement, what services are included, and what happens if the home sells or the contract is terminated. Reading it carefully ensures you […]
What is a seller’s net sheet?
A seller’s net sheet is a simple estimate that shows your likely net proceeds after all major costs are deducted from the projected sale price. It typically includes commissions, closing costs, taxes, and your mortgage payoff so you can see an approximate “walk-away” amount. Agents often update this throughout the process so you can compare […]
What is an exclusive right-to-sell agreement?
An exclusive right-to-sell agreement gives one brokerage the exclusive right to represent you and earn a commission if the property sells during the contract period—no matter who finds the buyer. This is the most common listing type and usually motivates the agent to invest heavily in marketing, since they’re protected if the home sells. It […]
How does selling affect my income taxes?
If your gain is fully excluded under capital gains rules, you may not owe federal income tax on the profit from your primary residence. However, you might still need to report the sale on your tax return, and selling rentals or second homes can trigger different capital gains and depreciation recapture rules. State income tax […]
Can I deduct real estate agent commissions on my taxes?
You generally don’t deduct agent commissions as a separate expense on your tax return, but they do reduce your taxable gain. Commissions and many selling costs are added to your “selling expenses,” which lowers the net sales price used to calculate capital gains. This can help reduce or eliminate the amount of profit subject to […]
What happens to my mortgage when I sell my home?
At closing, your mortgage is paid off from the buyer’s funds, and any remaining money after costs becomes your net proceeds. Your lender sends a payoff amount that includes principal, interest, and any fees due through the payoff date. Once paid, the lien is released from the property, and you’re no longer responsible for that […]
How do I handle a short sale?
A short sale happens when you owe more on your mortgage than your home is worth and you need your lender’s approval to sell for less than the balance. You’ll typically submit financial hardship documentation and a complete offer package so the lender can decide whether to accept the short payoff. Because short sales are […]
What is a deed in lieu of foreclosure?
A deed in lieu of foreclosure is when a homeowner who cannot keep up with payments voluntarily transfers ownership of the property to the lender to avoid formal foreclosure. In exchange, the lender typically releases the borrower from the mortgage debt, though terms and credit impact vary by agreement.