need help asap re: selling a house!

[baileyandmikey]

We are selling our house, but I need help figuring out how much we are going to lose. We have a bid that is 15 k less than what we paid for it! then I figure the realtors fees, property taxes, home owners warranty, and then I need help..... how much sales tax will we owe when it comes to tax time????? anyone know what that tax rate is.
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[Mommy&Will]

There is no sales taxes on the sale of homes.

Make sure you call your mortgage company and get your PAYOFF amount - NOT your current balance. PAYOFF amount includes interest for the month (interest is paid in arrears so you will tack on 30 days interest to the balance due).

[Mommy&Will]

Also - ask your realtor to give you a closing estimate. They have a standard form that they fill out with all the fees involved... of course, double check their math because its an estimate - you will have actual numbers (payoff amount, property taxes, etc.)

[p1gg1e]

You can always counter offer also!! Good luck!!

[Free Thinker]

Call the abstract office and ask them the average closing costs. WE just did one last week and closing costs were about $500, but we didn't have a loan or anything to worry with. For property taxes take the amount you paid last year, divide 365, the mulitiply by the calander day the closing will be on (figure at least a month from now) and that will be taken out of your portion. Closing costs can be set up however you want. Maybe accept the offer, but have the buyers pay all closing costs, or counter offer and offer to pay them all yourself.