|
|
|
|
|
|
|
Down Payment Assistance Program Comparison
|
|
|
|
|
|
|
|
Consult your realtor or lender to use the worksheet comparisons |
|
|
|
|
|
|
|
| Seller Estimated Net Proceeds Example |
Seller Estimated Net
Proceeds Calculator
|
Example Sale
W/O DPA
|
Example Sale
With DPA
|
| List Price of Home |
$ 100,000
|
$ 100,000
|
| Average % Reduction |
5%
|
0%
|
| Sales Price |
$ 95,000
|
$ 100,000
|
Less: Example Gift
Amount + $290 Fee |
$ 0
|
$ (3,290)
|
| Less: Sale Commission |
$ (5,700)
|
$ (6,000)
|
| Less: Closing Costs Estimate 2% |
$ (1,900)
|
$ (2,000)
|
| Net Proceeds to Seller |
$ 87,400
|
$ 88,710
|
|
|
|
|
|
|
|
|
Use the worksheet on the next page to estimate the net cash from your sale. |
|
|
|
The chart above estimates the net cash to the seller from two types of sales. |
|
|
|
|
|
|
|
List Price of Home - The asking price or appraised value of a marketed property for sale.
|
|
|
|
Average % Reduction - The difference between the asking price and the actual sale price. The average % reduction is the average of these differences, and usually ranges from 3% to 7% depending on the specific real estate market and time.
|
|
|
|
Sale price - The actual sales price negotiated between the parties.
|
|
|
|
Example Gift - This is a service fee to the Program Fund, and is equal to a gift amount needed + $250 administrative fee + $40 wire fee. This example assumes the Program Fund made a gift of $3,000 to the buyer. Gift funds are available up to $50,000.
|
|
|
|
Sales Commission - Real estate sales commissions usually range from 6% to 7%.
|
|
|
|
Closing Costs - The standard costs associated with selling a home, and include settlement charges, title searches, inspections, transfer taxes, wire fee, etc.
|
|
|
|
|
|
|
|
Please understand that you are committed to a contribution only if a homebuyer utilizing the Buyers Assistance Program purchases your home. The closing agent will make the contribution only after a successful closing of the sale of the home through escrow.
All else being equal, your net proceeds will be approximately the same whether or not you utilize the Buyers Assistance Program. Consequently you might as well benefit from the increased marketing abilities and the decreased marketing time opportunity offered by the Buyers Assistance Program.
Start marketing your home as "available for no money down", or "FREE down payment gift", or "ZERO down required". It's up to you and your real estate agent, but the fact is, there are a lot of potential homebuyers out there who would take the step towards homeownership if they only knew they could purchase a home using free gift-funds as their down payment! |
|
|
|
|
|
|
|
|
