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Appraised Value
Field:
Enter the appraised value of the property in the APPRAISED
VALUE FIELD. If the appraised value is not known then
estimate it to the best of your ability.
Sales Value Field:
Enter the end result sales price in the SALES VALUE FIELD.
Sometimes it is best to put this all the way up to the
appraised value just to see if there is enough equity
to do the deal. You can always lower the sales price later
if your results show an overage
Gross Cash to Seller Field:
The GROSS CASH TO SELLER field is often the most troublesome.
The best way to come up with the correct number of this
field is to take what the seller wants to walk away with
(before the payoff and settlement fees) add the seller’s
concession if there is one, and add the seller carry back
if there is one. Ex. Seller wants to net $99,000 (pre
payoff and settlement), he is conceding $5,000 for closing
costs, and there is $10,000 carry back, you should put
$114,000 in the Gross Cash to Seller Field.
Seller Carry Back Field:
Enter the dollar amount of the carry back in the SELLER
CARRY BACK FIELD. If you have no seller carry back to
enter, please enter zero (0).
Seller's Concession Field:
Enter the dollar amount of the seller concession in the
SELLER'S CONCESSION FIELD. If it is going to be a percentage
of the purchase price be sure to change this field if
you change the purchase price field in the calculator.
Loan to Value Field:
Enter the loan to value that you borrower is approved
for in the LOAN TO VALUE FIELD. If there is a seller carry
back to help complete the transaction, it should not be
counted in this field. Only put the loan to value that
the borrower is qualified for from the lender.
Settlement Charges Field:
In the SETTLEMENT CHARGES FIELD, enter the settlement
charges from the good faith estimate. Keep in mind that
if your fees are a percentage of the sales price, then
you may need to modify this field if you change the Purchase
Price Field.
Cash From Buyer Field:
In the CASH FROM BUYER FIELD, enter the amount that the
buyer wants to use of his/ her own money. This can be
earnest money if the buyer is not looking to get it back
at closing.
Cash To Buyer Field:
In the CASH TO BUYER FIELD, enter the amount of money
that the buyer wishes to be left with after the transaction.
This field is used to get additional funds out of the
transaction (if there is equity to cover it). This field
is not for inputting the amount of money the borrower
needs for down payment, closing costs or judgments. The
calculator will figure that amount for you.
Click "Submit":
After you click SUBMIT a new page will pop up. It will
display all of your entered criteria and then in the grey
boxes it will display your results. In the last result
box (over/short) you are looking for $0, or as close to
$0 as possible.
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