David Saks: January 2009

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Math Class : Lesson 184

                                                         math

The selling price of a home was $930,000.
The broker agreed to a commission of 5%.
Other charges applied from escrow amounted to $9500.
How much money did the seller receive at closing ?

Remember to take your time. The solution is posted below the wildlife photo.

wildlife

A. $874,000
Let's find out what the seller paid the broker by multoplying the commission rate of 5% times the selling price of the house, or $930,000 times .05, and we see that the total commission due the broker is 46,500.
Subtract 46,500 from the selling price and we have 883,500 net the seller after commission.
Now subtract the money paid out of the escrow, $9500, from the net after commission, 883,500, and we see that seller receives $874,000 at the closing.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • January 03 2009 09:11PM
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