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