(Bethesda Real Estate)
The net sheet is really the crux of the whole transaction. I've developed this handy spreadsheet that serves not only our purposes at the beginning of the process but for understanding how an offer price will affect the bottom line. There are so many numbers to track but really in the end the number in the red circle is what we generally care about! What I find is that when clients focus there instead of on individual costs they really make better overall decisions.
In Montgomery County, we generally split the transfer taxes between buyer and seller since this can be such a significant portion of the closing costs. Those are fixed to the sales price so as it adjusts the numbers in my spreadsheet adjust with it. Each county handles these taxes differently so I have different spreadsheets to handle other areas...
It's important to note the liens that are on the property so the net accurately reflects what is anticipated in the payoff. This doesn't need to be exact - that will come closer to settlement.
I like to pad every net sheet with some repair costs since inspections are the rule these days. Some issues always arise even in the best maintained home. A pre-inpspection is a good way to get the majority of them fixed before going on the market but different inspectors will always find something else!
And just in case the sellers are not US citizens or live outside of Maryland, those percentages are so large that they become enormous gotchas when they are unexpected. Let's make sure we know about them very early on...
When we focus on the net it tends to elevate our thinking towards the goal, which is selling the house and moving on with the next phase. If we can't see the forest for the trees we lose sight of our goals. Clients hear me say this so often, they automatically go to this sheet and figure the net for themselves!
And that's what it's all about.... giving clients enough information so that I can help them make good decisions...
For more information about real estate sales in Bethesda, MD 20816 please email me at josette.skilling@longandfoster.com or visit my website at http://www.josetteskilling.com/
Long & Foster Real Estate, Inc.
4733 Bethesda Avenue
Bethesda, MD 20814
301-385-9213 (cell)
240-497-1700 (office)
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