What Is a Net Sheet, and Why Do I Need One Before I Upgrade in the Greater Tulsa Area?

A net sheet is an estimate of what you walk away with after your home sells and your selling costs are paid. When you upgrade, that number is what you bring to your next home, so it's the first number to know, before you start shopping. Before you list, I prepare an estimated net sheet at a couple of different price points, so you can see how the numbers change.

Whether you're upgrading in Tulsa, Broken Arrow, Jenks, Owasso, Collinsville, Coweta, Glenpool, or Catoosa, the net sheet works the same way.

I'm Christina Shortsleeve, a REALTOR® with REMAX Results, and I help first-time homeowners across the Greater Tulsa Area sell their starter home and buy the next one with a clear plan.

A net sheet starts with an estimated sale price and subtracts the costs of selling:

• Your mortgage payoff. If you have a mortgage, it's paid off at closing from your sale proceeds.
• Title and closing fees. Your share of the fees for handling the closing.
• Updating the abstract. In the Greater Tulsa Area, the seller pays to have the abstract updated.
• Prorated property taxes. Your share of property taxes for the part of the year you owned the home.
• Repairs or credits. An allowance for anything you and the buyer may agree to after the buyer's inspection.
• Buyer closing costs, if you agree to help. Buyers sometimes ask the seller to help with their closing costs.

Selling broker compensation is included in the estimated net sheet. What's left at the bottom is your estimated net. My article on what it costs to sell a house in Oklahoma explains each selling cost.

Your sale price isn't what you walk away with, and the net is the number your next home depends on. Your proceeds can go toward the down payment and closing costs on your next home, so knowing your net tells you what you have to work with.

Put your net sheet next to an estimate from your lender for the next purchase, and you can see both sides of the move at once. Ask your lender what your next loan requires.

This is the Run the Numbers step of The Next Chapter: A Home for What's Ahead, my system for first-time homeowners ready to upgrade: Discover, Run the Numbers, Choose the Path, Prepare and Position, and Coordinate the Move. My article on what it costs to upgrade to your next home covers the buying side.

Once you know your net and what your lender approves, you can decide whether to sell first, buy first, or make a contingent offer on your next home. Each path depends on the same numbers, so the net sheet comes before the decision, not after.

My article on selling your starter home and buying your next one walks through each path, and my article on how much equity you need to upgrade explains where your net comes from.

Your list price is your decision. I recommend a price based on recent sales of homes like yours, and showing the net at a couple of price points lets you see how each one changes what you walk away with.

Pricing to position your home for maximum interest, action, and top dollar matters most, because the first 10 days or so on the market are your best chance to attract buyers. My article on how I recommend a list price explains how I arrive at that recommendation.

• Planning around the sale price instead of the net. What you walk away with is the number that matters for your next move.
• Using the balance on your statement. Your lender can give you the exact payoff, which is slightly different.
• Using an online estimate as your home value. Recent sales of homes like yours tell you more.
• Running the numbers after you find the house. Start before you shop, so you know what fits.
• Treating the estimate as final. A net sheet is an estimate. Your final numbers come at closing.

What is a seller net sheet?

A seller net sheet is an estimate of what you walk away with after your home sells and your selling costs and mortgage payoff are paid.

When should I receive a net sheet?

You should see your net sheet before you list, and before you start shopping for your next home. I prepare it at a couple of different price points.

Is a net sheet the same as my equity?

Not quite. Equity is your home's value minus what you owe. Your net also subtracts the costs of selling, so it's what you actually walk away with.

Can I use my net proceeds for my next down payment?

Yes. Your proceeds can go toward the down payment and closing costs on your next home. Ask your lender what your next loan requires.

If you're thinking about upgrading, start with a complimentary home value, and when you're ready, send me a message. I'll prepare your estimated net sheet, so you know what you walk away with before you ever list.

Christina Shortsleeve is a REALTOR® with REMAX Results in the Greater Tulsa Area, helping first-time buyers, homeowners ready to upgrade, and downsizers buy and sell with a clear plan. She has sold 127 homes since 2020.