When you’re selling a condo or loft in DTLA, you want to make as much money as possible – but how can you calculate your net proceeds?
How Do You Calculate Net Proceeds on the Sale of Your Condo or Loft?
When you get an offer on your condo or loft, you can always accept it, make a counteroffer and open up negotiations, or reject the offer. It’s totally up to you (although you should talk to your Realtor(R) before you make any major decisions, like rejecting an offer).
In some cases, it makes sense to accept a lower offer than a higher one – because what you see on the surface isn’t always as financially beneficial to you as it seems.
For example, if a higher offer comes in but the buyer wants you to pay his or her points on a mortgage, you might be better off accepting a lower offer that doesn’t ask you to pay for points.
Here’s how you can figure out your net proceeds on the sale of your condo or loft in DTLA; start with the proposed purchase price and subtract:
- Your current mortgage’s payoff amount
- Liens you have on the property (such as equity loans)
- The commission you’ll end up paying your Realtor
- The costs of selling, like lawyer’s fees, title insurance policies and other expenses
- Transfer taxes
- Unpaid property taxes
- Costs the buyer asks you to pay
If your net proceeds won’t be high enough, you can counteroffer and ask the buyer to skip some concessions (like repairs or improvements he or she wants you to make) or you can counter with a new price that works out more in your favor. Your real estate agent will walk you through the whole negotiation process and help you figure out what’s best for you in the long run.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale