What is a seller net sheet, and how do you make one?

A seller net sheet is an itemized estimate of how much money a seller will walk away with at closing. It answers the question every seller actually cares about: "If we sell for this price, what do I get?"

Agents use net sheets at the listing appointment to set expectations, and again for each offer, because the highest price isn't always the best net.

1. The formula

Net proceeds = sale price − loan payoffs − commissions − transfer tax − credits to the buyer − closing costs − prorated taxes − other charges.

Everything on a net sheet is one of those subtractions. The skill is getting each number close to reality.

2. What goes on a net sheet

• Sale price. The list price at the listing appointment, the contract price once you have offers.
• Mortgage payoff(s). Every loan being paid off at closing, including a second mortgage or home equity line. Use the payoff amount, not the balance on the monthly statement. The payoff includes interest up to the payoff date and can include fees.
• Listing agent commission. The rate in the listing agreement times the sale price.
• Buyer's agent commission, if the seller is paying it. Since the 2024 National Association of Realtors settlement, buyer's agent pay is agreed in writing with the buyer and isn't offered through the MLS. A seller may still agree to pay some or all of it as part of a deal. If not, it's zero.
• Transfer tax. Varies widely by state, county and city. Some places charge none, others a percentage of the price, and who pays depends on local custom and the contract.
• Credits to the buyer. Seller concessions toward the buyer's closing costs, or repair credits after inspection.
• Other closing costs. Seller-side title, escrow or attorney fees, recording fees, owner's title insurance where the seller customarily pays it, and HOA transfer or estoppel fees.
• Prorated property taxes. Taxes owed up to the closing date that haven't been paid yet. Depending on the state and whether taxes are paid in advance or in arrears, this can be a charge or a credit.
• Repairs and other charges. Agreed repairs, a home warranty the seller is buying, liens, judgments or unpaid HOA dues.

3. A worked example

A seller expects to sell for $450,000 and owes $280,000. The listing agreement is 2.5%, the seller has agreed to offer 2.5% toward the buyer's agent, there's no transfer tax in this market, and the title company quotes $4,500 in seller-side fees.

The seller's estimated net is about $143,000, before any income tax on the gain.

4. Compare offers by net, not price

Here's where a net sheet earns its keep. Same seller, two offers:

• Offer A: $465,000, asks the seller to pay 2.5% to the buyer's agent, a $15,000 closing-cost credit, and $2,500 of repairs.
• Offer B: $455,000, the buyer pays their own agent, no credits, as-is.

Offer A is $10,000 higher on price, but Offer B nets the seller about $19,375 more. Price is only one input, and terms like financing, contingencies and timing matter too. Still, a net-sheet comparison makes the money side of the decision clear.

5. Common mistakes

• Using the loan balance instead of the payoff. The payoff is usually a little higher.
• Forgetting the second lien. Ask about home equity lines, solar loans and any judgments up front.
• Guessing transfer tax and title fees. They vary a lot by location. Get a quote from the title or escrow company.
• Showing one number instead of a range. At a listing appointment, run the net at two or three prices so the seller sees how price changes the outcome.
• Presenting it as final. A net sheet is an estimate. The settlement statement at closing decides the real numbers. Say so on the sheet.

6. When to make one

• Before the listing appointment, at two or three prices around your suggested list price.
• When each offer comes in, so you can compare them side by side.
• After inspection negotiations, if repairs or credits change.
• Before closing, to check against the title company's figures.

Try the free seller net sheet calculator