When you’re selling a home or other property in Lake City, you need to know how much money you’ll walk away with when the deal is done. Here’s how to calculate net proceeds so you can make the right choice on which offer to accept.
Sellers: How to Calculate Net Proceeds
When you get an offer on your property, you can accept it, refuse it, or make a counteroffer with the changes you want.
Sometimes it makes sense to accept a lower offer than a higher one – but you’ll have to do the math to figure it out. For example, if one offer is higher but the buyer wants you to pay points for them, you may be better off accepting a lower offer.
Here’s how to figure out net proceeds. First, start with the proposed purchase price. Then, subtract:
- The payoff on your current mortgage
- Other liens you have on the property, like judgements or an equity loan
- The real estate broker’s commission on the transaction
- The legal costs of selling, like what you have to pay lawyers, title insurance agencies or escrow agents
- Transfer taxes
- Unpaid property taxes
- Costs that the buyer wants you to be responsible for
If your net proceeds aren’t high enough on an offer, you can counteroffer and ask the buyer to make certain concessions – like repairs that he or she wants you to make – or you can counter with a new price. Your real estate agent will guide you through this part – don’t worry!
Are You Selling or Buying a Home for Sale in Lake City?
If you’re selling a home in Lake City, we’re the local experts. We know how to market your home aggressively and bring in qualified buyers, and we’d love to help you sell quickly and at the right price.
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
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