# How come I did not make more money? - Posted by Kaitlyn

Posted by ed on October 16, 2003 at 19:58:41:

this isn’t in the format of the respa, but isn’t the 269k part of the purchasers funds to close, not the sellers mortgage payoff?

How come I did not make more money? - Posted by Kaitlyn

Posted by Kaitlyn on October 15, 2003 at 12:51:27:

Hi,

Help please. I thought I would get more money when I closed on a property I sold early this month. I don’t understand the math, even after my lawyer attempted 3 times to explain!

Here’s my story:

I sold the house for \$365,500. I owed \$210,426.68, my closing costs were \$7,902.43 (Transfer tax for State/City, escrow, RPT report, mtg satisfaction, etc) and \$160 to the State’s attorney for “picking up the check” (sweet job!), \$1,000 to my lawyer.

My math: \$365,500 sale price - \$210,426.68 my mortgage = \$155,073.32 left over.

\$155,073.32 - \$7,902.43 closing costs = \$147,170.89 left over

\$147,170.89 - 1,303.85 Real Estate Taxes Seller Credit and States’ attorneys “pick up fee” =\$145,867.04 left over

Shouldn’t I have \$145,867.04???

Here’s my closing statement:

CREDITS TO SELLER:
Contract Price \$365,500.00
Real Estate Tax 1,463.96
10/1 - 12/31/03 _________
TOTAL \$357,963.95

CREDITS TO PURCHASER:
Contract Deposit \$ 17,500.00
1st Mtge Proceeds \$269,166.48
Water/Sewer TX \$ 107.00
(9/9 - 10/1/03) ___________
TOTAL \$286,773.48

\$357,963.95
\$286,773.48

DUE SELLER \$71,190.47

What the #@!%???

I thought you make money in real estate? (Oh well, now I understand the previous owners expression and question to their lawyer ‘where’s the money???’ when I bought from them!)

Thanks

Re: How come I did not make more money? - Posted by Cat

Posted by Cat on October 17, 2003 at 15:55:51:

Looks like you calcs are lower than bank/RE assessors office. Bank mtg \$269,166, your # - \$210,426 and RE Taxes \$1463 your # \$1303. It seems that there is a discrepancy with a few items, you should recheck with the bank and find out why their mtg figure was higher.
I would have been fine getting a check though for \$71,190. What will you do with the proceeds? Invest in RE I hope. If this is not to your liking, you can email me and we can talk about a business opp.

Re: How come I did not make more money? - Posted by tyler

Posted by tyler on October 15, 2003 at 20:02:16:

doing a quick scan you say you owe 210,426.68 and your bank says 269,166.48!

either your wrong or the bank…thats who you need to call.