Is home equity the same as the cash I would receive after selling?
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No. A basic equity calculation subtracts secured debt from property value. Sale proceeds also depend on the actual sale price, selling expenses, other amounts due, and the closing details. A hypothetical $350,000 value less $230,000 debt gives $120,000 equity, but does not promise a $120,000 check at closing.
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Discussion prompt: Which selling costs are missing from the simple equity figure?