Ibiza Property For Sale Holiday
Villas Or Apartments
Property For Sale In Ibiza, Spain : Determining 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 proceed immediately (there may be less chance
of any glitches etc).
Equally if the highest offer buyer has to
to through all the steps to get a mortgage and the other buyer
is a cash buyer the cash buyer may be a simpler choice and
more certain choice if you are in a buying chain and so under
pressure for time yourself.
To calculate your net proceeds from any
given offer, you subtract the following amounts:
-
Payoff amount on present mortgage;
-
Any other liens (equity loan, county
court judgments);
-
Mortgage arranger's commission;
-
Legal costs of selling (solicitor);
-
Transfer taxes;
-
Unpaid property taxes and water bills;
-
If required by the contract: cost of
survey, buyer's completion costs, repairs, etc.
-
If you have an account for property
tax bills and homeowners insurance premiums with your
mortgage lender, you may be entitled to a refund upon
the sale of your villa or apartment, which you should
add to your net proceeds.
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