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Old 04-04-2012, 08:11 PM
 
Location: Austin
7,098 posts, read 16,996,957 times
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You didn't discuss your payoff and potential proceeds at your listing presentation? I'm confused as to why you expect your agent to have this information and not you? It's your loan...
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Old 04-04-2012, 08:34 PM
 
Location: Old Town Alexandria
14,506 posts, read 23,260,053 times
Reputation: 8833
Quote:
Originally Posted by manderly6 View Post
Probably the type of thing you want to check out before you put your house on the market.
Not necessarily. A 3k prepay penalty is not a big deal in some markets.
Would just be nice to know if banks had any parameters.

I didn't "expect" her to know, was just surprised she didnt even mention general procedure.
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Old 04-04-2012, 09:19 PM
 
Location: NJ
17,579 posts, read 38,470,697 times
Reputation: 16102
Quote:
Originally Posted by dreamofmonterey View Post
Not necessarily. A 3k prepay penalty is not a big deal in some markets.
Would just be nice to know if banks had any parameters.

I didn't "expect" her to know, was just surprised she didnt even mention general procedure.
Is it or isn't it a big deal to you? Unless your house travels around with you it isn't in "some" market. It is a specific market.
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Old 04-04-2012, 09:45 PM
 
Location: Salem, OR
13,764 posts, read 31,712,560 times
Reputation: 12150
Okay...here is how good agents work out here...correct me agents for your part of the country.

When we do a CMA (home pricing recommendation) for when we first list your property, we often will include a preliminary net sheet that has all of the typical charges you will face at close of escrow. We do this to help you determine if listing the house is the right financial choice for you. Agents can't lookup your loan payoff amount, but I know I can at least look up your loan amount and extrapolate out a potential payoff amount for you. This goes in my listing presentation.

When you get an offer, good agents will recalculate what is called a seller net sheet. This is our approximation of what you will get with fees and such at the offer price. I will typically ask a seller what their loan payoff is for this estimation. It sounds like what you are wanting is the seller net sheet. This helps you to see what your estimated bottom line will be at close of escrow.
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Old 04-04-2012, 09:52 PM
 
4,494 posts, read 7,995,799 times
Reputation: 6438
If your mortgage has a penalty of $10,000 for paying it off early, your real estate agent is not going to know about this unless you tell them. Call your bank and ask them for a payoff quote. Because of privacy concerns, the bank will refuse to talk to your realtor about your bank account.
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Old 04-04-2012, 10:04 PM
 
Location: Old Town Alexandria
14,506 posts, read 23,260,053 times
Reputation: 8833
Quote:
Originally Posted by Silverfall View Post
Okay...here is how good agents work out here...correct me agents for your part of the country.

When we do a CMA (home pricing recommendation) for when we first list your property, we often will include a preliminary net sheet that has all of the typical charges you will face at close of escrow. We do this to help you determine if listing the house is the right financial choice for you. Agents can't lookup your loan payoff amount, but I know I can at least look up your loan amount and extrapolate out a potential payoff amount for you. This goes in my listing presentation.

When you get an offer, good agents will recalculate what is called a seller net sheet. This is our approximation of what you will get with fees and such at the offer price. I will typically ask a seller what their loan payoff is for this estimation. It sounds like what you are wanting is the seller net sheet. This helps you to see what your estimated bottom line will be at close of escrow.
Thank you very much for your polite answer.

She didnt do a net sheet at this point. We didnt do this in Florida (didnt have to go to the closing either).
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Old 04-05-2012, 07:01 AM
 
Location: Lakewood Ranch, FL
5,130 posts, read 7,696,668 times
Reputation: 6042
For whatever it is worth, I've never done a net sheet when listing a property but I do them when we are contemplating an offer. However, it is the seller who supplies the bank payoff information. None of this applies in a short sale situation.
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Old 04-05-2012, 09:23 AM
 
Location: Columbia, SC
8,870 posts, read 17,513,357 times
Reputation: 6265
I don't entirely understand what you want and your situation. It wasn't clear in your question. Do you want your agent to do a net sheet to get your bottom line, or do you want your agent to figure out what your loan payoff is? Are you doing a short sale and need the agent to have a preliminary HUD to send to the bank? If you clarify for us I think you'll get the answer.
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Old 04-05-2012, 09:23 AM
 
Location: Lexington, SC
4,281 posts, read 10,339,668 times
Reputation: 3700
Quote:
Originally Posted by bbronston View Post
For whatever it is worth, I've never done a net sheet when listing a property but I do them when we are contemplating an offer. However, it is the seller who supplies the bank payoff information. None of this applies in a short sale situation.
In my last sale, the realtor did an example/sample net sheet for us prior to us giving her the listing. Of course it was based on the price we were going to list for but none the less a good example. She was the one that put me onto figuring her commission (6%) plus about 2% more for other costs and use sales price less 8% as a guideline.

It worked out to be very close to my actual net. Yes I made money.......LOL
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Old 04-05-2012, 10:42 AM
 
Location: Salem, OR
13,764 posts, read 31,712,560 times
Reputation: 12150
Quote:
Originally Posted by bbronston View Post
For whatever it is worth, I've never done a net sheet when listing a property but I do them when we are contemplating an offer. However, it is the seller who supplies the bank payoff information. None of this applies in a short sale situation.
I always do. That way there aren't any surprises. I learned my rookie year that some people can't calculate out a percentage into real dollars and were shocked at closing. Shocked=mad. Been doing preliminary net sheets since then. I give people two net sheets. The most realistic number I think the house will sell for and the lowest I think it will sell for. That way they have a worst case scenario number in their head. Consumers find it very helpful.
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