You are selling your house and you think it will sell for $335,000. You talk to a real estate agent who is willing to list your house for $339,900. His fee is 6%. You currently owe $210,000 on your home.

a.	How much will the real estate agents fee be if you get a full price offer?

Real estate agents fee

$

b.	How much will the real estate agents fee be if you accept an offer for $335,000?

Real estate agents fee

$

c.	You pay off your existing mortgage and continue to use the same real estate agent.

c1.	How much money will you have for a down payment on your next house in (a)?

Down payment

$

c2.	How much money will you have for a down payment on your next house in (b)?

Down payment

$

d.	If you sell the house on your own for $335,000, how much money will you have for a down payment on your next house?

Down payment

$

e.	The buyer wants you to pay closing costs of $4,700 and you pay off your existing mortgage.

e1.	How much money will you have for a down payment on your next house in (a)?

Down payment

$

e2.	How much money will you have for a down payment on your next house in (b)?

Down payment

$

e3.	How much money will you have for a down payment on your next house in (d)?

Down payment

$

f.	You decide not to sell your house but to remodel and put on an addition. What is the equity in your house?

Equity based on the listing price	$
Equity based on the offer price	$

g.	The bank will let you borrow 70% of the appraised value of your house, which appraises at $335,000. What is the maximum home equity loan you can get?

Maximum home equity loan

$