If you're selling your home as a short sale, this Excel spread sheet is a valuable tool to quickly estimate your TAX Liability.

Enter the information in the yellow boxes to include all mortgages, late fees, agent commissions and your estimated tax bracket.

The Short Sale Calculator will estimate your tax obligation to the IRS.

For a working spread sheet DOWNLOAD

Short Sale Calculator				Legislative changes
ESTIMATE OF CLOSING COST Effective 3/2006  Rough Estimate Only (Please note the Virginia legislator is considering raising the cost and may not be reflected in this spread sheet so please call to verify.)
Sales Price	$790,000.00
Second Trust	$95,000.00
First Trust	$785,000.00
Balance of your loans	$880,000.00
Interest Rate	7.00%
Hazard Insurance Premium	$0.00
Yearly Property Taxes	$6,926.00
Selling Broker Fee	3.00%
Listing Brokers Fee	1.50%			January 1st 2008
Tax Bracket	26.00%
	Interest
	Interest (15 days)	$5,133.33	$2,566.67	$2,566.67
	Escrows
	Property taxes	6 months estimated	$3,463.00	$3,463.00
	Title Charges
	Release Processing Fees	$100-250	$200.00	$200.00
	R-5	$25-65	$45.00	$45.00
	Document Preparation Fee	$150-300	$150.00	$150.00
	Notary Fees	$20-50	$20.00	$20.00
	Attorneys Fees	See Notes	$0.00	$0.00
	Government Recording
	Recording Fees	Estimated	$31.00	$31.00
	Grantors Tax	Estimated	$790.00	$3,950.00
	Additional Charges
	Pest inspection	$0-65	$45.00	$45.00
	Miscellaneous Fees		$750.50	$750.50
	Selling Brokers Fee		$23,700.00	$23,700.00
	Listing Brokers Fee		$11,850.00	$11,850.00
	Estimated Closing Costs		$43,611.17	$46,771.17
	Debit Buyer Closing Cost Credit		$0.00	$0.00
	Approx. Net/Short		-$133,611.17	-$136,771.17
	Credit RELO Reimbursements		$50,000.00	$50,000.00
	Debit Miscellaneous/Penalties		$0.00	$0.00
				$0.00
	Short Sale Total		-$83,611.17	-$86,771.17
Estimated Tax liability based on Tax Bracket (See your accountant)			-$21,738.90	-$22,560.50

Use this simple tool to calculate the closing costs for purchasing a home in Northern Virginia. 

If you are an Investor check out my Flip analsys tool as well. Flip Tool

For an active tool contact me and I will be happy to send you a copy.

BUYER'S ESTIMATE OF CLOSING COST Effective 3/2006  Estimate Only (Please note the Virginia legislator is considering raising the cost and may not be reflected in this spread sheet so please call to verify.)
Sales Price	$390,000.00
Loan To Value	97.00%
Loan Amount	$378,300.00
Interest Rate	6.25%
Hazard Insurance Premium	$900.00
Property Taxes	$4,500.00
HOA /Condo Monthly	$0.00
Lender Fees	$500.00
	Lender Fees
	Loan Origination Fee	0.0%	$0.00
	Loan Discount	0.0000%	$0.00
	Appraisal Fee	$300-650	$350.00
	Credit Report	$12-35	$15.00
	Tax Service Fee	$35-125	$35.00
	Lender Fees	$250-10,000	$500.00
	Advance Fees
	Interest (15 days)	$1,970.31	$985.16
	Mortgage Insurance	Call Your Lender
	Reserves
	Property taxes	3 months estimated	$1,125.00
	Hazard Insurance	15 months estimated	$1,125.00
	Title Charges
	Settlement/Closing Fee	$199-500	$250.00
	Abstract or Title Search	$100-200	$100.00
	Title Exam	$100-300	$150.00
	Title Binder	$100-300	$100.00
	Document Preparation Fee	$0-300	$0.00
	Notary Fees	$20-50	$20.00
	Attorneys Fees	See Notes
	Title Insurance	See Notes Estimate	$1,696.50
	Government Recording
	Recording Fees	Estimated	$79.00
	City/County Stamp MORT	Estimated	$315.24
	State Tax Stamp MORT	Estimated	$945.75
	City/County Stamp DEED	Estimated	$332.98
	State Tax Stamp DEED	Estimated	$998.63
	Additional Charges
	Survey	$300-1000	$300.00
	Pest inspection	$45-75	$45.00
	Fees		$370.50
	TOTAL Closing Costs		$9,838.76
	Down Payment		$11,700.00
	Total Acquisition		$21,538.76
	Penfed Realty Credit	0.50%	-$1,950.00
	Seller Credit		-$6,500.00
	Second Trust		$0.00
	Required Investment		$13,088.76

PenFed Realty, LLC 11864 Sunrise Valley Dr, Reston, VA 20191
703-716-2900
1:40:33 PMFriday, November 02, 2007