Sellers, Do You Know What You Should Expect?

November 22nd, 2006 categories: Real Estate, Real Estate Tips, Realtor, Seller

Smart Sellers What Sellers should expect when hiring a Realtor is excellent communication skills both in person as well as on the Internet. Since the majority of Home Buyers typically come from the Internet, your Realtor needs to have a presence on the web in order to advertise your home. I’m not speaking of a Realty Company website, although it’s great to have one, the Realtor needs more.

Listed are a few expectations that you should have of your Realtor who is listing your house For Sale. I have used the word Realtor when referring to the Seller’s Realtor. There is a difference between a Realtor and an agent.

1. Realtor provides CMA and explains (Compares your home to others in the area to determine the range in pricing). The current Real Estate market is explained. I provide net sheets for my Sellers.

2. Realtor communicates, plans on showcasing your home and what they offer in advertising

3. Realtor offers helpful suggestions for preparing home For Sale and/or names of professionals that can help.

4. Realtor leaves copy of Listing Document with you or brings one back quickly. You need a copy.

5. Realtor leaves a copy of the Agency Disclosure Form

6. Realtor or photographer takes photos of your house.

7. Realtor puts lockbox for entry

8. Realtor orders sign for front yard

9. Realtor lists your home on MLS

10. Realtor brings you a copy of the MLS sheet for you to verify terms (look for any mistakes and the agreed upon commission split that your Realtor is advertising to the Home Buyer’s Realtor) I have my Sellers initial the MLS page

11. Realtor submits corrections & continues entering your home listing on several Internet sites

12. Realtor provides flyers of the home

13. Realtor may hold Open Houses

14. Realtor updates you, at least weekly

15. Realtor follows through by calling Home Buyer’s Realtor after each showing for feedback & shares feedback with you, the Seller

16. Realtor orders Pre-Lim and reads it in case additional corrections are needed

17. Realtor presents all offers to Seller with Net Sheet

18. Realtor verifies Home Buyer’s Lender Qualification

19. Realtor guides Seller through Counters (if necessary)

20. Realtor notifies Home Buyer’s Realtor of Acceptance

21. Escrow is opened at Title Company

22. Realtor sends all disclosures to Home Buyer’s Realtor

23. Realtor opens house for Pest Inspection

24. Realtor counsels Seller on Pest Report

25. Realtor sends Pest Report to Home Buyer’s Realtor

26. Home Buyer’s Realtor opens house for Inspection(s)

27. Realtor receives Inspection Report(s) & presents to Seller for review to determine what Seller will fix

28. Realtor Opens house for appraiser

29. Realtor sends/gathers all documents and signatures

30. Realtor sets appointment at Title for signatures

31. Realtor attends Signing at Title with Seller in case of hiccup and moral support

32. Realtor calls Seller when funds have been received at Title

33. Realtor calls Seller the day of Recordation

This is simply an overview of what you should expect from your Realtor. There are many more ways your Realtor helps during the process of a home sale. Each sale is unique and further steps may be needed but these are just the rudimentary steps.

Just a note of caution and a reminder that Home Buyers have access to your house during the Inspection period that is agreed upon in the Purchase Contract.

The only other time that the Home Buyer has access to your house is 5 days before Close of Escrow for their Walk-thru. The Walk-thru is to determine that the property is in the same condition as when the Home Buyer placed their offer and to check any repairs that were agreed upon during the inspection process.

The Seller needs to provide all receipts for repairs that were made, to the Home Buyer (typically this is exchanged at Title but I prefer to send them directly to the Home Buyer’s Realtor prior to signing.)

With good communication and following proper procedures, the escrow should be a smooth process for all. With an experienced Realtor selling your home, odds are in your favor that the transaction will go smoothly and net you the most possible with the least amount of concessions.

There are “red flags” that an experienced Realtor will be able to advise and avoid. Many sellers choose an inexperienced Realtor trying to avoid paying for the services of a top professional. In the long run, just as sellers selling homes on their own, it is a documented fact that those sellers who chose to save on commission, sell and net at a significant loss.

If you needed heart surgery would go to a first year graduate physician?

As an experienced Realtor, I just can’t even begin to tell you how many times, I have seen both home buyers and sellers who are unaware of what should happen in a home sale or purchase of a house be unrepresented.

There is nothing that we can say to the unrepresented side but shake our heads. Sometimes, they never even know what they missed. Without the knowledge and education of the process, many home buyers and sellers will continue to be cheated in the home buying and selling process.

I hope to be able to educate both home buyers and sellers to know if they in-fact have good representation by providing valid information, here.

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