Relocate to Wisconsin : LISTING AGENTS: NEVER forget the Safety NET !

LISTING AGENTS: NEVER forget the Safety NET !

   As a regular part of our listing presentation  we include a NET sheet. When we take a listing we have our title comNet Sheetpany do a search and hold to determine what liens there are on the property.

     Mortar board  No matter how educated the Sellers, how experienced the listing agents...there are unpleasant surprises (as evidenced in the last 30 days) that could have been prevented with the use of a NET sheet at the very beginning. 

          Without ALL the facts.....the balances owed on mortgage(s), liens that were apparently "invisible", the reality of closing costs....taxes due for the period of time the Sellers owned the property....The Sellers don't know their net proceeds....or IF they exist....No one knows if the property can be free of  all liens to be able to close.

     Safety Net     A NET Sheet is a SAFETY Net for EVERYONE in the transaction...the Sellers, the Buyers, the agents and any possible lien holders.

This is a professional service post brought to you by Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty proudly serving southeastern Wisconsin.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 36 commentsSally K. & David L. Hanson • May 26 2017 10:55AM

Comments

Good morning Sally and David. The Net sheet has surprised many. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 9 months ago

Great advice!!!

No matter how educated the Sellers, how experienced the listing agents...there are unpleasant surprises (as evidenced in the last 30 days) that could have been prevented with the use of a NET sheet at the very beginning. 

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) 9 months ago

Sally K. & David L. Hanson True, indeed. This element is only part of the necessary disclosures we do provide our listing prospects; but a very important one.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty One Group) 9 months ago

Sally: Very smart to provide your clients with a net sheet...eliminating as many surprises as possible makes the run-up to closing smoother.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) 9 months ago

Sally K. & David L. Hanson such an important piece of a listing!  I find hardly any other agents do it here and am amazed when I ask clients about it...The Hanso team rocks!!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) 9 months ago

You always offer good practices....and it is so helpful to be prepared!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) 9 months ago

It is an important lesson that all listing agents do not follow Sally K. & David L. Hanson 

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 9 months ago

Good morning Sally K. & David L. Hanson ,

Love the term Safety Net..so true..supplying those net sheets is the way to go..when they vary due to payoffs or ride in property taxes its easy to show the seller why its not as predicted..those are items we have no control on.

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) 9 months ago

Wouldn't expect anything less from the two of you. You are Real Pros!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) 9 months ago

Good morning Sally and David. A net sheet is important but can only work if the sellers are absolutely honest or you run a title search. Raising the subject probably does the job for most.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 9 months ago

Sally and David I am always surprised when I meet with a Borrower who is also selling an existing property and their Realtor never gave them a break down of the costs.  They are not happy with the Realtor when I go over with them what the costs of selling their home will be.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 9 months ago

Sally and David- you two think of everything!!!  There are so many surprises that can turn up when selling/buying a home. Why not do what you can to make sure this is one item that won't surprise you!

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 9 months ago

Sally  and David, not a big fan of surprises, but it happens more often than I prefer it, I could tell you two transactions that I am involved had surprises come out when we pulled the prelim it did not show but as we got deeper into it we got a few surprises...Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 9 months ago

Can't imagine that anyone would not provide an estimated net sheet. Buyers and sellers need to be prepared for the costs so there are no surprises at the closing table. It's required by my broker. 

Posted by Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA, Providing the integrity and service you deserve. (Future Home Realty) 9 months ago

When you're in this business for some time, you learn to be tolerant, understanding and forgiving when the transaction beyond your control seems to unravel especially when an unforeseen item must be added to your net sheet. 

Things happen sometimes where an opportunity turns into a nightmare regardless of how efficiently you did your job even when you use a safety net. 

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) 9 months ago

Good morning Sally.  I never assume anything until the title company does their research.  No surprises for me, or my clients

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) 9 months ago

Hi Sally and David -- proper upfront preparation has many rewards not the least of which is the lack of "surprises".  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) 9 months ago

Hi Sally and David

Such wisse advice. There often are surprises sellers aren't aware of, so a Preliminary Title Report is essential, along with providing an estimate of net proceeds. That's really when reality hits, and you sometimes here - but I need to get more than that out of my house!

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) 9 months ago

Wise advise for the consumer as well as the agent.

I consider it to be my safety net that is on file to protect me down the road.

The Seller should know all the details before they list.

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,GREEN,PSA (Jones & Co. Realty) 9 months ago

This especially important when there is little equity on the property. Although I have title company softeware I ask the title insurance company to issue an estimated cost so as not to get blamed. Title insurnace company carries liability insurance and they goofed and need to file claim.

Posted by Sam Shueh, mba, cdpe, reopro, pe ( (408) 425-1601) 9 months ago

Very good point Sally and David. Best way for clients to know where they stand on the numbers. The best surprise is no surprise.

Posted by Richard Bazinet /MBA, CRS, ABR, Phoenix Scottsdale. Sellers, Buyers & Relocations (AZuRE Team - Realty ONE Group) 9 months ago

what a great advise-----

Posted by Sunny Batra, It's all about service--Concierge service. (Sunny Batra Realty) 9 months ago

I can't tell you the number of times that sellers have told me that I was the only agent to provide such information.

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) 9 months ago

I hope agents will read this post and learn .

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 9 months ago

Test

Posted by David Wiggs (ActiveRain) 9 months ago

Sally K. & David L. Hanson - indeed Net Sheet is one way to show our clients we care for them - giving them the idea of what is there in store for them!

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) 9 months ago

A very good post and one which I enjoyed reading.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) 9 months ago

When I was an agent we got listing packages from the title company - and they did NOT include things we needed to know. For instance, they didn't reveal liens. Unfortunately, most sellers didn't want to pay for an actual title search and they weren't free.

We got some dandy surprises on actual title reports.

Posted by Marte Cliff, your real estate writer (Marte Cliff Copywriting) 9 months ago

We all need a little safety net now again so we can take the risks you need to in other areas. It's all about calculation and all that stuff.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 9 months ago

Sheila Anderson ...makes good sense 

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) 9 months ago

I had a recent experience with this Sally K. & David L. Hanson involving city specials that even the title company missed. My buyers called and said they thought (as well as did I and the Seller) that everything was paid off at COE but the City said NO... someone owes us X thousand dollars. 

Posted by Bob "RealMan" Timm, Bob Timm, Broker Associate, Alliance Real Estate (Alliance Real Estate - Minot) 9 months ago

I always provide a Net Sheet based on the information I'm given. The app is on my phone and iPad so I can provide the info in a jiffy. Great resources during a listing presentation. 

Posted by Melissa Spittel, "Achieving Results Together " (Coldwell Banker Residential Brokerage) 9 months ago

This is a good point. Sellers need to know what they will walk away with.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) 9 months ago

Great point and I feel this documentation is a must when speaking with sellers. It's also great to have an idea on the buyers' side as well.

Posted by Chris Lima, Local or Global-Allow me to open doors for you. (Atlantic Shores Realty Expertise) 9 months ago

Dear Sally & David,

Works most times, but in this business, you still sometimes get surprises.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) 9 months ago

Always a good point to dig a little deeper.  I deal in judgement liens, which stick to EVERYTHING and are not specifically linked to a particular property.  They go with the everything the owners' own.

Posted by Mick Michaud, Your Texas Lifestyle is Here! (Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107) 9 months ago

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