How to Calculate Net Proceeds from Selling Your House in Northern NJ with Scott Selleck

What will you really walk away with if you sell your home in Bergen or Hudson County this year?
Calculating net proceeds means starting with your likely sale price and taking a real, honest look at all the little costs that add up—and the big new ones, thanks to recent changes in New Jersey law.

Step One: Start with Your Estimated Sale Price

Talk with your agent (like Scott Selleck!) and get a realistic, local Comparative Market Analysis (CMA). In Northern NJ, median prices vary from $450K condos to homes above $2M, whether you’re in Fort Lee, Leonia, Tenafly, or Edgewater.

Step Two: Subtract Your Mortgage Payoff

If you still owe money on your home, subtract the remaining principal—plus any interest that will accrue before closing.

Step Three: Factor in Seller Closing Costs

Seller closing costs in Northern NJ are some of the highest in the country, often 8%–10% of the sale price. Here’s what’s typical in Bergen and Hudson County for 2025:

NEW for 2025: Mansion Tax Impacts Sellers

If your contract is signed after July 10, 2025, the "Mansion Tax" now applies to sellers—not buyers. Here’s the breakdown:

• $1M–$2M: 1% paid by seller

• $2M–$2.5M: 2%

• $2.5M–$3M: 2.5%

• $3M–$3.5M: 3%

• $3.5M+: 3.5%
  Example: On a $2.8M sale, the mansion tax alone is $70,000. Timing matters—a grace period exists if your contract is signed before July 10 and closes before November 15.

Step Four: Include Home Prep and Repair Costs

Did you deep-clean, stage, make repairs, or offer buyer credits to secure your sale? Add up these expenses—often $2,000–$8,000 for typical homes, and sometimes much more.

Step Five: Crunch the Numbers

Here’s a real-world example for a $1.2M home in Fort Lee:

• Sale price: $1,200,000

• Mortgage payoff: $400,000 (estimate)

• Commissions: $66,000 (5.5%)

• Attorney/title/transfer/recording: $12,000

• Mansion tax: $12,000 (1%)

• Repairs/prep: $5,000

Net proceeds:
$1,200,000 – $400,000 – $66,000 – $12,000 – $12,000 – $5,000 = $705,000

Pro-Tips from Scott Selleck

• Always check the latest local transfer tax rates. They can change and affect your bottom line.

• Time your sale carefully. Contracts signed before new law deadlines may save tens of thousands.

• Get a full net sheet from your agent before listing. Scott prepares these for every client, including all anticipated line items—no unpleasant surprises.

• Don't forget the "exit tax" if you're moving out of state. NJ requires nonresidents to prepay a portion of state income tax on proceeds (usually 2% or 8.97% of the gain, whichever is higher).

• Plan for buyer negotiations. Concessions and last-minute credits are common in competitive NJ markets.

What’s the Next Step?

Schedule a call or private consultation with Scott Selleck
He’ll review your numbers, local market, recent sales, and all the new rules affecting your bottom line—so you never list blindly.

Reach out to Scott Selleck, The Selleck Group, KW City Views Realty, Bergen County, Northern NJ.
Your Trusted Real Estate Advisor.
Schedule A Call: 201-970-3960 or 201-592-8900
www.SelleckSellsNJ.com

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Learn how to calculate net proceeds from selling your house in Northern NJ. Scott Selleck’s guide covers fees, taxes, mansion tax changes, and exact steps for Bergen County sellers—plus free, personalized advice.Here’s a complete, human-styled blog post for "How to Calculate Net Proceeds from Selling Your House in Northern NJ with Scott Selleck":

How to Calculate Net Proceeds from Selling Your House in Northern NJ with Scott Selleck

How do you figure out what you'll really take home when you sell a house in Bergen or Hudson County this year?
It starts with realistic market pricing—and includes a frank look at every deduction, plus some new 2025 rules sellers need to know.

Start with Your Realistic Sale Price

Sit down with Scott Selleck for a local Comparative Market Analysis. In Fort Lee, Tenafly, Leonia, or Edgewater, prices vary—get the facts before you dream big.

Subtract Your Mortgage Balance

If you still owe, subtract it right off the top. Include your payoff amount and any fees or interest due at closing.

Total Up Seller Closing Costs

You’ll likely pay 8%–10% of final sale price in closing costs in Northern NJ. Here’s what to expect:

Mansion Tax—The 2025 Update Sellers Need to Know

If you sign a sales contract after July 10, 2025, the Mansion Tax hits the seller, not the buyer:

• $1M–$2M = 1%

• $2M–$2.5M = 2%

• $2.5M–$3M = 2.5%

• $3M–$3.5M = 3%

• $3.5M+ = 3.5%
  A $2.8M sale now pays a $70,000 mansion tax, so smart timing matters. Early contract and closing can sometimes qualify for a refund or avoid higher rates.

Add Up Repairs, Staging & Seller Credits

Did you make fixes, paint, clean, or agree to a buyer credit at closing? Total these costs—often $2,000–$8,000 or more.

Calculate Your Net Proceeds

For a $1.2M home in Fort Lee, here's a sample breakdown:

• Sale price: $1,200,000

• Mortgage payoff: $400,000

• Commissions: $66,000 (5.5%)

• Legal/title/transfer/etc: $12,000

• Mansion tax: $12,000

• Prep/repairs: $5,000

Net proceeds:
$1,200,000 – $400,000 – $66,000 – $12,000 – $12,000 – $5,000 = $705,000

Pro Tips from Scott Selleck

• Verify transfer tax and “exit tax”—nonresidents may owe 2% or 8.97% of the gain in pre-paid state taxes.

• Get a detailed net sheet from your agent upfront (Scott provides these with every listing).

• Don’t forget buyer negotiations—credits and incentives often change your bottom line.

• If you’re selling this year, talk timing—contract dates impact mansion tax and your final net.

Next Steps: Personalized Advice

Your net proceeds depend on many moving parts, local rules, and market timing. Scott Selleck gives every client a transparent, personalized net sheet and advice—so you’re never caught off guard.

Contact Scott Selleck, The Selleck Group, KW City Views Realty Bergen County, Northern NJ
Your Trusted Real Estate Advisor
Schedule A Call: 201-970-3960 or 201-592-8900
www.SelleckSellsNJ.com