What you'll actually take home when you sell
Your sale price isn't your check. Here's every cost between "under contract" and the wire — payoff, commission, closing costs, concessions, and Illinois's prorated taxes — and how to estimate your real net.
The number on the yard sign is not the number that hits your bank account. Between an accepted offer and the wire, several real costs come out of the sale price — some obvious, some that surprise first-time sellers at the closing table. Knowing them up front is the difference between planning your next move on real math and planning it on a guess.
Sale price minus what you still owe
Start with the biggest line: your remaining mortgage. At closing, the sale first pays off whatever's left on your loan — principal plus a few days of interest, and occasionally a small prepayment or recording fee. If you have a home-equity line or a second mortgage, that gets paid off too. Whatever equity is left after the payoff is where your proceeds begin, before the selling costs below.
The commission
The largest selling cost is typically the real estate commission, split between the agents involved. It's negotiable and it varies, so ask your agent exactly what the total is and how it's structured before you sign anything. Recent industry changes have also changed how the buyer's side is handled and disclosed — a good listing agent will walk you through what you're agreeing to in plain terms rather than a percentage buried on a form.
Seller closing costs
Beyond commission, sellers usually cover a set of transactional costs. In Illinois these commonly include: title insurance for the buyer and related title fees, state and county transfer taxes (and, in some municipalities, an additional local transfer tax), attorney fees — Illinois is an attorney-review state, so you'll have a real estate attorney on your closing — plus recording and settlement fees. None of these is huge on its own, but together they add up to a meaningful slice, and the municipal transfer tax in particular varies town to town in the south suburbs.
Concessions and credits to the buyer
Modern deals often include money that moves back to the buyer. After the inspection, a buyer may ask for a repair credit instead of you doing the work. Buyers also frequently ask for a closing-cost credit as part of the negotiation. And if the appraisal comes in low, bridging the gap can cost you too. These aren't line items you can predict exactly up front, but a realistic net estimate leaves room for them rather than assuming a clean full-price deal.
Illinois property taxes: the proration surprise
This one catches people. Illinois property taxes are paid in arrears — you pay this year for last year. Because you owned the home for part of the current tax year that hasn't been billed yet, at closing you credit the buyer for your share of taxes that they'll eventually pay. Depending on where you are in the tax cycle, that seller credit can be one of the larger closing figures, and it's real money off your proceeds. Your attorney and closing team calculate the exact proration, but budget for it early so it's not a surprise.
Your net sheet
Put it together and you get a seller's net sheet: sale price, minus mortgage payoff, minus commission, minus closing costs, minus any concessions, minus the tax proration, equals your estimated proceeds. A good agent builds this for you before you list — often at a few price scenarios — so you can see what you'd actually walk away with at, say, list price versus a slightly lower quick sale, and decide with clear eyes.
Why the estimate should come from a person
An online "equity" number can't see your exact payoff, your town's transfer tax, where you sit in the Illinois tax cycle, or what concessions your market is handing buyers this month. Those details are exactly what determine your real check. A dwello agent will build you an honest net sheet on your actual home and numbers — so "what's it worth?" turns into the question that really matters: what will you take home?