Closing cost data and technology firm ClosingCorp is piloting a tool designed to help real estate agents answer a pressing question for their home seller clients: how much they can expect to take home after closing.
The San Diego-based firm says the tool, Seller Net Sheet, instantly calculates a seller’s estimated net closing proceeds for any property in the nation and allows title companies and other Internet content providers to offer their real estate agent clients a way to confidently explain those proceeds to home sellers.
“Consumers who are selling their property want a better way to understand potential proceeds, and real estate professionals across the nation face the challenge of accurately answering this question on a daily basis,” said Brian Benson, CEO of ClosingCorp, in a statement.
“We wanted to give title companies a powerful way to forge a deeper relationship with real estate agents who typically turn to them for help generating these accurate estimates.”
ClosingCorp, which counts mortgage lenders, title and settlement companies and real estate professionals as customers, has rolled out a pilot of Seller Net Sheet with Corinthian Title Company, Liberty Title & Escrow and TransAmerican Title & Settlement Services. ClosingCorp will make the tool available to the general market in July.
Seller Net Sheet is unique in that it uses actual rates, not averages, in its calculation and gives users the ability to create and compare up to three different transaction scenarios and view them side by side, the company said.
The tool allows users to set specific default settings that appear on all client-provided net sheets, such as contact information and commission values, the company added. Users can also define and set costs for real estate services, such as home inspection, pest inspection, natural hazard disclosures, home warranty, among other services.
ClosingCorp also offers a good faith estimate service, SmartGFE, that’s used by mortgage lenders to accurately estimate fees for settlement services like title insurance and stay within tolerances mandated by the Real Estate Settlement Procedures Act (RESPA).