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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 (Purser & Co' marketing fee)·

• Unpaid property taxes, water and other utility bills;

• If required by the contract: cost of survey, buyer's completion costs, repairs, etc.