When you’re ready to sell your house, it can be exciting to think about the proceeds from the sale. But it’s also important to understand what factors will impact the amount of money you receive. The amount you get back is determined by the sale price of your house, minus any expenses related to the sale and any outstanding mortgage balance.
The sale price is the amount that someone is willing to pay to buy your house from you. It’s determined by a variety of factors, including the location of your house, its size and condition, and the current property market. Once you have a sale price in mind, it’s time to start subtracting expenses including real estate agent fees and the cost of any repairs or upgrades. Once you’ve subtracted these expenses, you’ll be left with your net sale proceeds. This is the amount of money you’ll actually receive from the sale.
If you have a mortgage on your house, you’ll need to pay it off when you sell. The outstanding mortgage balance is the amount you still owe on the mortgage. If the sale price of your house is higher than the outstanding mortgage balance, you’ll get to keep the difference. For example, if you sell your house for £200,000 and owe £150,000 on your mortgage, you’ll receive £50,000 in profit from the sale.
If the sale price is lower than the outstanding mortgage balance, you’ll need to pay the difference in order to pay off your mortgage. For example, if you sell your house for £150,000 and owe £200,000 on your mortgage, you’ll need to come up with £50,000 to pay off the mortgage. You may be able to use some of your savings, or you may need to negotiate with your lender to see if they’ll forgive some of the remaining balance.
Finally, it’s worth mentioning that if you have any equity in your house, you can use it to help pay for expenses related to the sale, or to pay off your mortgage. Equity is simply the difference between the sale price of your house and the outstanding mortgage balance. So, if you sell your house for £200,000 and you owe £150,000 on your mortgage, you’ll have £50,000 in equity that you can use as you see fit.
To get the most profit out of your sale and incur no estate agent or legal fees, you can use FastCash4Houses. We are a property cash-buying service that can help you sell your house in as little as seven days. We can sell your home in the quickest, cheapest and most convenient way. To get your free no obligation valuation today and to find out more about how we can help then visit our website at https://fastcash4houses.co.uk/ or get in contact with us to speak to a member of our team directly at 01204 294356 or [email protected]. At FastCash4Houses, we want to support you every step of the way as you sell your property.
