Seller's Net Sheet or should I ask: How much lower can you go?
Before I go out on my listing appointment, I prepare a detailed CMA (Comparable Market Analysis) to come up with the best recommendation for the Seller to price the home right. The seller will also get an estimated Seller's net sheet so they can see what their proceeds will be. I'll base the net sheet on the lower end of the recommended listing price detailing all the typical expenses, such as commission, title charges, government recording and transfer charges, additional settlement charges, they have when it is time to close, including the mortgage payoff if there is any and estimated property tax proration.
It was not too long ago, I remember when the buyer would bring money to the closing table and the seller would leave happily with a nice check in their hand heading to the bank? Aah... these were the good times. With the declining home values, it becomes more and more apparent that an old game of tug of war is being played between the seller and buyer. It shows that times really have changed. More often now, the table is reversed - Sellers has to bring the check to the closing table or walk away with no money to take to the bank.
Sellers - please ask yourself these questions below before you sign on the dotted line of the listing agreement!
- How much lower can I go?
- Value of my home today including mortgage and selling cost does it equal the purchase price I am willing to accept?
- Do I really have to sell my home?
The bottom line you must consider is that your home is sold when the buyer, the buyer's lender, the appraiser, and of course yourself are all in agreement. When an offer is received, you want to make sure that another seller's net sheet is prepared prior to signing a binding real estate sales contract.
Folks, if you are thinking about selling your home, make sure that you are given a detailed CMA and an estimated Seller's net sheet before signing a listing agreement.
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Seller's Net Sheet or should I ask: How much lower can you go?
Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker -
PO Box 92050 - Lakeland, FL 33804-2050 -
Telephone (863) 619-6918
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