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by Anonymous on March 10th, 2009

Anonymous

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The sellers of a home "net" $108,373. after paying: a 6% real estate commission, a 1/2% transfer tax, $7000. of the buyers closing costs, $625 in legal fees, $125. pest inspection, and $186,352 in mortgage p

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Answers. 2 helpful answers below.

  • by Advolo on March 19th, 2009

    Advolo

    (Conclusion) Because falling price of house,
    I had my money $ 62,156.3 stolen.


    Because simple addition of negative and positive.

    = [ (+108,373) - (+186,352) ]
    = [ (+108,373) + (-186,352) ]
    = [ (-186,352) + (+108,373) ]
    = [ (-186,352) - (-108,373) ]
    = [ (-77,979) ]

    = [ (+108,373) - (+186,352) ]
    = [ (+108,373) - { (+186,352) } ]
    = [ (+108,373) - { (+108,373) + (+77,979) } ]
    = [ (+108,373) - (+108,373) - (+77,979) ]
    = [ { (+108,373) - (+108,373) } - (+77,979) ]
    = [ { ( 0 ) } - (+77,979) ]
    = [ ( 0 ) - (+77,979) ]
    = [ ( 0 ) + (-77,979) ]
    = [ (-77,979) ]


    ( 0. ) Sale price : ?
    ( 1. ) Net earning: 108,373$
    ( 2. ) Realestate Commission : 6%
    ( 3. ) Transfer tax : 0.5% (1/2%)
    ( 4. ) Closing costs : 7,000$
    ( 5. ) Legal fees : 625$
    ( 6. ) Fest insfection fee : 125$
    ----------------------------
    7. Mortgage payment: 186,352$

    ----------------------------------------------------------

    Sale price ( 0. )
    [^^^] = [ ( 1. ) + ( 2. ) + ( 3. ) + ( 4. ) + ( 5. ) + ( 6. ) = ( 0. ) ]
    = [ 108,373$ + 6% + 0.5% + 7,000$ + 625$ + 125$ ]
    = [ 108,373$ + 6% + 0.5% + 7,000$ + 625$ + 125$ ]
    = [ 116,123$ + 6.5% ]

    [^^^] = [ 116,123$ : 93.5% = X$ : 6.5% ] * (6% + 0.5%) = 6.5%
    = [ 116,123 : 93.5 = X : 6.5 ]
    = [ 93.5X = 116,123 X 6.5 ]
    = [ 93.5X = 754,799.5 ]
    = [ X = 754,799.5 / 93.5 ]
    = [ X = 8072.7 ]
    = [ 6.5% = 8072.7$ ]

    [^^^] = [ 116,123$ + 6.5% = ( 0. ) ]
    = [ 116,123$ + 8,072.7$ = ( 0. ) ]
    = [ 124,195.7$ = ( 0. ) ]

    ------------------------------------------------------------

    [^^^] = [ (Leavings) ]
    = [ (124,195.7$) - (8,072.7$) - (7,000$) - (625$)
    - (125$) - (186,352$) ]
    = [ { (124,195.7$) - (8,072.7$) - (7,000$) - (625$)
    - (125$) } - (186,352$) ]
    = [ { (108,373$) } - (186,352$) ]
    = [ (108,373$) - (186,352$) ]
    = [ (+108,373$) + (-186,352$) ]
    = [ (-186,352$) + (+108,373$) ]
    = [ (-186,352$) - (-108,373$) ]
    = [ (-77,979$) ]
    = [ (-77,979) ]
    = [ (Debt 77,979$) ]


    [^^^] = [ (Leaving) ]
    = [ (+124,195.7) - (+8,072.7) - (+7,000) - (+625)
    - (+125) - (+186,352) ]
    = [ { (+124,195.7) - (+8,072.7) - (+7,000) - (+625)
    - (+125) } - (+186,352) ]
    = [ { (+108,373) } - (+186,352) ]
    = [ (+108,373) - (+186,352) ]
    = [ (+108,373) + (-186,352) ]
    = [ (-186,352) + (+108,373) ]
    = [ (-186,352) - (-108,373) ]
    = [ (-77,979) ]

    ----------------------------------------------------------


    Mortgage payment : If, Mortgage(186,352$) = 100%

    [^^^] = [ 186,352$ : 100% = (Sale price 124,195.7$) : X% ]
    = [ 186,352 : 100 = 124,195.7 : X ]
    = [ 186,352X = 100 X 124,195.7 ]
    = [ 186,352X = 12,419,570 ]
    = [ X = 12,419,570 / 186,352 ]
    = [ X = 66.6 ]
    = [ 124,195.7$ = 66.6% ]

    Price of house is fall (-33.4%)
    [^^^] = [ 186,352$ - 124,195.7$ = 100% - 66.6% = 33.4% ]


    [^^^] = [ (Falling price of house) < Mortgage payment ]
    =[ (+124,195.7$) < (-186,352$)
    [^^^] = [ (+124,195.7$) + (-186,352$) ]
    = [ (-186,352$) + (+124,195.7$) ]
    = [ (-186,352$) - (-124,195.7$) ]
    = [ (-62,156.3$) ] -> I had my money $ 62,156.3 stolen.

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  • by Quirkie on March 11th, 2009

    Quirkie

    You either know the sale price and want the cost price or the other way around.

    Either way there isn't enough information there to answer the question.

    The method is:

    net= sales - costs.
    So:
    $108373 = sale price - (0.06 * sale price) - (0.005 * sale price) - $7000 - $625 - $125 - $186353 - cost price

    This gives an equation which can be rearranged to find cost in terms of sale, or sale in terms of cost, depending what you know.

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