Seller Net Quick Start - Ask Christee

Christee Seller Net Quick Start

The seller net module calculates the estimated net proceeds to the seller.

The module deducts normal expenses from the gross sales price to arrive at the ‘net’ dollar proceeds based upon the location of the property.

Based upon the date of closing and the area (county or city). Christee will allocate the following potential expenses to the seller:

1. State and local transfer taxes typically paid by the seller

2. State and local documentary taxes typically paid by seller

3. Title insurance which is typically paid by seller

4. Closing fees, attorney fees, document prep fees, abstract or survey fees

5. Proration of property taxes at time of closing

6. Amortized mortgage payoff

7. Real estate commissions

8. Closing cost and discount points paid on behalf of purchaser

Below is a brief explanation for the required and optional inputs. Additionally, in the browser input form there is a brief description for each input.

4 Required Inputs for Seller Net

1. State. Select State from the dropdown list.

2. Area. Select City or County from the dropdown list.

Tip. Results are specific to State and Area selected.

3. Sales Price. Enter the anticipated sales price for property.

4. Sales Cost. Enter total commission rate for seller and buyer agents.

Tip. Example enter 5.75 for a 5.75% total commission.

16 Optional inputs to customize your report. NOT required for Christee Results.

  • 1. Property Taxes. Enter current annual property taxes. Otherwise, Christee will estimate the property taxes based upon tax rates for the area selected.
  • 2. Close Date. You may enter a date for closing. Mortgage payoff calculations and other adjustments will be based upon this date. Otherwise, calculations will be based upon current date, plus one month.

Next Set of Inputs Pertain to items the seller is paying on behalf of the buyer (Seller Credit)

  • 3. Seller Credit %. Enter percentage of the sale price you are paying toward the buyer’s closing cost.

    Tip. The percentage is calculated against sales price. Example, if you are paying 2% on a $100,000 home, you are paying $2,000 toward buyers closing cost.

    Tip. Two and one-half percent is entered as 2.5.

  • 4. Seller Credit $. Enter the dollar amount of closing seller is paying on behalf of buyer. If you enter a dollar amount and a percent amount, Christee will use dollar amount entered.

    Tip. Each mortgage type (Conventional, FHA, VA, USDA) has a cap on the amount of buyer closing cost a seller may pay. Christee will adjust the amount of credit not to exceed maximum allowable.

  • 5. Loan Origination. Enter the percent seller is paying for buyer discount fees.

    Tip. Two percent is entered as 2. Two- and one-half percent is entered as 2.5.

    Tip. Discount points are calculated against buyer’s new mortgage amount. If you do not enter a loan amount, Christee will estimate loan amount.

  • 6. Taxes Paid Current (Yes or No). Select ‘No’ if the latest property tax bill is unpaid. The default setting is ‘Yes’.

    Tip. As an example, property taxes are paid July 1st each year. If the closing date is after the tax due date and the taxes have not been paid, then Christee will make appropriate tax adjustments.

  • 7. Mortgage Payoff. Enter Seller existing mortgage payoff.

    Tip. Leave blank if there isn’t a loan to be paid off.

  • 8. Existing Loan Interest Rate. Enter interest rate for Seller loan to be paid off.

If you do not know current loan balance, enter the next three inputs. Christee will calculate the mortgage balance. Each input relates to original (current) loan on the property.

  • 9. Original Loan. Enter dollar amount borrowed on loan to be paid off.
  • 10. Mortgage Date. Enter origination date of loan to be paid off.
  • 11. Mortgage Term. Enter mortgage term, for loan to be paid off, in years.

    Tip. Mortgages are typically 30, 25, 20, or 15 years.

    Tip. If Mortgage payoff and original loan are unanswered, then calculations will be based upon no existing loan to be paid off.

If you have entered Seller Credit or Loan Origination, enter the following input.

  • 12. Buyer Loan Amount. Enter dollar amount of buyer’s mortgage.

    Tip. If you have entered either (a) Seller Credit and/or (b) discounts, and do enter a buyer loan amount, Christee will calculate buyer’s loan amount based upon minimum down payment for loan type selected.

If you entered a buyer closing credit, you should select a loan type below.

  • 13. Select Loan Type. [] Conventional [] FHA [] VA [] USDA. Select buyer’s loan type.

    Tip. Loan type is used to calculate buyer loan amount, if loan amount is not entered; and establish maximum amount of closing credit is allowable for the buyer.

    Tip. The default loan type is conventional.

  • 14. Name. Optional Input. If name is entered then PDF file will include name
  • 15. Phone. Enter your phone number to have a Christee Certified Agent contact you.
  • 16. Email Address. By entering a valid email address, you have the option to have the PDF report emailed to yourself or another person.

    Tip. If this field is blank, then you may download the PDF report.

    Tip. Make sure you hit the ‘submit’ button after entering an email address.

We hope you enjoy your AskChristee experience!

Results will be displayed in your browser. Additional detail is available in the PDF file. Please review results with a recommended AskChristee Agent and Lender.

See the Resources tab for more Information. Visit Video tab for demonstration and greater insight.