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

import · October 15, 2003, 12:51pm

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?

import · October 15, 2003, 12:51pm

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

import · October 17, 2003, 3:55pm

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.

import · October 15, 2003, 8:02pm

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.