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Old 04-05-2012, 10:03 AM
 
Location: Danbury CT covering all of Fairfield County
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I never prepare a payoff sheet or net sheet. No one does that in my market, as attorneys handle the closing.
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Old 04-05-2012, 10:15 AM
 
Location: Lakewood Ranch, FL
5,634 posts, read 8,907,084 times
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Some good ideas here...thanks! I can't say why it never occured to me to do it at the listing presentation but it is a good idea and I really like the idea of doing two scenarios. If nothing else, it forces me to ask for the payoff before we actually have our meeting. Silverfall, I use a one visit approach. Do you use a two visit listing presentation?
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Old 04-05-2012, 10:26 AM
 
Location: Salem, OR
14,501 posts, read 34,703,076 times
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Quote:
Originally Posted by bbronston View Post
Some good ideas here...thanks! I can't say why it never occured to me to do it at the listing presentation but it is a good idea and I really like the idea of doing two scenarios. If nothing else, it forces me to ask for the payoff before we actually have our meeting. Silverfall, I use a one visit approach. Do you use a two visit listing presentation?
I do. I do a quick 15-20 minute walkthrough to see the house and take notes. I make a list of all the things the seller needs to do to prepare the house for sale and it is included in my listing presentation which is typically 2-3 days later. It is a bit more time consuming but my CMA's are typically right on as a result. They get the list of things to do, a list of things that will inhibit the sale of their property (like funky floor plans, datedness, etc) if there is anything, the net sheet, and of course the comps. Seeing the house first allows me to customize the marketing plan. Some homes just won't do video well because of tight rooms so I might change out and do other things instead like an online floor plan. Some floor plans are so odd that the online floor plan would nix all showings so I wouldn't want to do it in the marketing plan.
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Old 04-05-2012, 10:31 AM
 
Location: Central Texas
20,774 posts, read 39,472,281 times
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Wait. Are you saying that you have an offer and you need a seller's estimated net sheet in order to make a decision on whether or not to accept or counter?

Your agent should absolutely give you that, but if your agent doesn't have the payoff and you do (and it would be a bit premature for her to have it at this point since the contract isn't set and thus the date isn't set and thus the figure could vary), you simply subtract that from the bottom line on the seller's estimated net sheet that does not contain the payoff.

You, as the bank's client, can get the payoff amount by phone pretty quickly. Your agent has to have permission, in writing, preferably on a legal form, in order to get it, because banks quite rightly don't give out any information on their clients without permission in writing.
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Old 04-05-2012, 10:42 AM
 
Location: southwest TN
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As to whether there is a pre-payment penalty, that should be in the mortgage document.
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Old 04-05-2012, 10:50 AM
 
Location: Salem, OR
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Quote:
Originally Posted by jdhall1 View Post
I never prepare a payoff sheet or net sheet. No one does that in my market, as attorneys handle the closing.
Don't your sellers want to know approximately what they are going to net with a specific offer? Escrow officers handle closings here and do the actual HUD, but I can't imagine talking about an offer without a projected net sheet.
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Old 04-05-2012, 11:07 AM
 
Location: Columbia, SC
9,602 posts, read 18,928,083 times
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Quote:
Originally Posted by bbronston View Post
Some good ideas here...thanks! I can't say why it never occured to me to do it at the listing presentation but it is a good idea and I really like the idea of doing two scenarios. If nothing else, it forces me to ask for the payoff before we actually have our meeting. Silverfall, I use a one visit approach. Do you use a two visit listing presentation?
I always do one also. Mine is based on what I think the home is going to sell for, and then I try and estimate on the high side, include some repair costs, home warranty, etc so there are no surprises. I include their payoff so I know how much room their is if their goal is to break even, or if I could end up with a short sale if they are upside down.
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Old 04-05-2012, 11:13 AM
 
Location: Central Texas
20,774 posts, read 39,472,281 times
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Quote:
Originally Posted by Brandon Hoffman View Post
I always do one also. Mine is based on what I think the home is going to sell for, and then I try and estimate on the high side, include some repair costs, home warranty, etc so there are no surprises. I include their payoff so I know how much room their is if their goal is to break even, or if I could end up with a short sale if they are upside down.

This for the listing presentation, except that I don't go in knowing in advance what their payoff is (some sellers quite rightly don't want to give that out until they've actually hired the person, because who wants an agent who isn't your listing agent and might be bringing a buyer out there with that kind of personal information?). So I simply tell them that it's the bottom line minus their payoff, and go into a couple of different scenarios, and make sure to tell them that it's an estimated net sheet and give them a couple of examples of things that could change, because they're prorated or because we don't know exactly how much in closing costs the buyer is going to ask for or if (at the listing presentation) there are going to be repairs requested and how much they might be. In other words, I come close and try to make surprises good rather than bad, but I make a point of preparing them for surprises, as well.
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Old 04-05-2012, 11:35 AM
 
Location: NJ
17,579 posts, read 41,436,804 times
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Quote:
Originally Posted by Silverfall View Post
Don't your sellers want to know approximately what they are going to net with a specific offer? Escrow officers handle closings here and do the actual HUD, but I can't imagine talking about an offer without a projected net sheet.
It isn't like someone can't figure that out on their own. I'm not saying it isn't a good idea for an agent to do one, but certainly it isn't the only way for a seller to know.
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Old 04-05-2012, 04:23 PM
 
Location: Salem, OR
14,501 posts, read 34,703,076 times
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Quote:
Originally Posted by manderly6 View Post
It isn't like someone can't figure that out on their own. I'm not saying it isn't a good idea for an agent to do one, but certainly it isn't the only way for a seller to know.
Most sellers don't know what title insurance generally costs, escrow fees, etc. They just don't sell homes often enough to get a realistic estimate of what they will net.
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