property for sale: hampstead, north west london
Determining Your Net Proceeds
In evaluating purchase offers, you need to know what
the buyer's position is as regards chains and mortgage
or cash purchase. If you're lucky enough to get two
competing offers, you may find that sometimes the highest
offering price may not be the best offer.
If one buyer is in a chain and the other is not, and
can proceed immediately, there may be less chance of
any glitches . Equally if the highest offering buyer
has to go through all the steps to get a mortgage and
the other buyer is a cash buyer, the cash buyer may
be a simpler and more reliable choice.
To calculate your net proceeds from any given offer,
you subtract the following amounts from the gross sale
proceeds;·
- Pay off amount on present mortgage;
- Any other secured loans or charges against the property;
·
- Mortgage arranger's commission;
- Legal costs of selling (solicitor);
- Transfer taxes;
- Agent's selling commission (Martin and Wright' marketing
fee)·
- Unpaid property taxes, water and other utility bills;
- If required by the contract: cost of survey, buyer's
completion costs, repairs, etc.
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