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List of What We Do for SELLERS

Previously I posted a list of What Realtors Do for BUYERS.  Many of you subscribed to my blog in anticipation of the follow-up roster, and many of you have emailed me wanting to know when I was going to post the subsequent What Realtors Do for SELLERS.  Since I posted it last week as things were quieting down for the Memorial Day weekend, very few appear to have seen it, so here is a reprint.

One of the ways that I use this is in a Listing Presentation.  Not that I expect ANYONE to actually read it, but just the shear volume of it is daunting, and the idea is to let the Client know that we are not just putting a sign in their yard when we take a listing.  If you are mailing it to a Seller or using it in a Listing Presentation, or however you might choose to use it, here is an accompanying COVER LETTER that I use to go with it.     

This list was compiled prior to the advent of Short Sales and pre-Foreclosures and eContracts, and while I continue to tweek it, there could very easily be a LONG list of additional items.  If you have the fortitude to actually READ this list, PLEASE feel free to add more items in the Comment section, and I will, in turn, add those to this list so that the list is more complete.  Again, you have my permission to use this as you see fit.

REALTOR^® SELLER SERVICES / TASKS INDEX

PRE LISTING: A lot goes in to getting ready for the initial listing appointment. After an initial phone call, we will verify City Records and previous sales, do a thorough Market Analysis, prepare documentation. This process generally takes several hours before we even meet with a prospective Client.

• Make appointment with Seller for listing presentation
• Pull property City and tax records
• Pull old MLS listing, if applicable
• Order Owner & Encumbrance Report
• Research property's current use and zoning
• Research and verify legal description of property
• Pull comps on Active, Sold, Pending, Withdrawn, Expired, and Cancelled Listings
• Research "Average Days on Market" for property of this type and location
• Prepare Comparative Market Analysis
• Print Map of property and comps
• Prepare Agency Disclosure
• Prepare Listing Contract
• Prepare Seller's Property Disclosure
• Prepare Closing Instructions
• Prepare Lead-Based Obligations of Seller
• Prepare Lead-Based Paint Disclosure
• Prepare Mold Disclosure
  
• Prepare Square Footage Disclosure
• Prepare Seller's Request for Verification of Loan Information
• Prepare Showing Instructions
• Prepare Pre-Listing Packet
• Order delivery of Pre-Listing Packet
• Confirm time to meet with Seller
• Inform Seller to have a copy of their key made for the lockbox
  

LISTING APPOINTMENT: Meet with Seller to discuss market, pricing strategy, and options. Determine financial and time needs. Would working together be mutually beneficial? Prepare Net Proceeds for Seller. Discuss Staging of the property. If proceeding, fill out paperwork.

• Give Seller an overview of current market conditions and projections
  
• Discuss Comparative Market Analysis
  
• Discuss pricing strategy based on professional judgment and market
  
• Discuss goals with Seller to market effectively, including schedule for selling
• Explain role in taking calls to screen for qualified Buyers
• Discuss safety of lock box
• Discuss Agency
• Discuss Contract and all other disclosures
• Discuss availability of Home Owner's Warranty
• Have Seller sign all paperwork
• Assist Seller with completion of Seller's Property Disclosure form
• Discuss things that need to be done in home
• Staging Packet to Seller
• Get loan payoff information
• Show Centralized Showing Service to Seller
• Have Seller choose preferred flyer template
• Get copies of leases, if applicable
• Ask for floor plan, upgrades, special features, detailed list of amenities

AFTER LISTING APPOINTMENT: Place sign, lockbox, directionals. Take measurements and pictures (after Staging). Verify all information and enter into MLS. Design flyers, do all internet input to multiple sources, design eProperties site, make web page, show property to prospective Buyers, discuss property with other agents, Broker Open, if applicable.

• Copies of all documents
• Prepare Seller Net Sheet based on List price
• Measure interior rooms
• Measure exterior of home
• Take interior pictures after Staging
• Take exterior pictures in good weather
• Select best pictures, crop, and download
• Put in yard sign and directionals
• Get extra key and install Lockbox
• Enter listing to MLS and verify all information
• Download best pictures to MLS
• Download disclosures to MLS
• Make copies of disclosures
• Leave several copies of disclosures at property
• Check MLS for Matching Buyers
• Design flyers for Matching Buyers to mail to Realtors
• Input Seller into Management System
• Assist Seller in Staging home for maximum price and quickest sale
• Make Showing Sheet for front desk
• Design mailers and postcards to Realtors
• Design and print flyers
• Design "Just Listed" cards and "Pick Your Neighbors"
• Mail Realtor, Neighbor, and Matching flyers/cards
• Design, print, and deliver flyers
• Compile list of completed repairs and maintenance items Seller has done
• Verify HOA fees and disclosures, if applicable
• Mail copy of Contract to Seller - include MLS printout and projected Seller Net Sheet
• Call in HOW, if applicable
• Listing to www.Realtor.com
• Listing to www.RealtyCOSprings.com
• Input listing into Centralized Showing
• Input listing into eProperties and all related information
• Make "Special Features" cards
• Calculate average utility usage for last twelve months
• Set any number of showings
• Return all phone calls - weekdays and weekends
• Verify with Seller after first few that Showing Instructions are being followed
• Add daily activities to eContracts
• Call Seller weekly to keep updated
• Reprint and supply flyers promptly as needed
• Input all showings into Centralized Showing and eContracts
• Discuss feedback regularly with Seller
• Discuss Open House
• Show house any number of times to prospective Buyers
• If interested, get Buyer pre-qualified
• Do CMA every four weeks
• Call Seller with strategy if CMA different
• Amend/Extend if monetary change
• Change MLS, if applicable
• If price changed, send out email BLAST to previous Agents who showed home
• Reprint flyers
• Deliver flyers

CONTRACT NEGOTIATIONS: Thoroughly review and discuss all offers, review Buyer's financial qualifications and details of offer, prepare Net Sheet for Seller with offered numbers, negotiate and renegotiate as many times as it takes, sign offer or counter.

• Receive and thoroughly review all offers submitted
• Pre-negotiate with other Agent before writing, if applicable
• Discuss Buyer's financial qualifications, terms, and times
• Discuss exclusions, dates, etc. with other Agent
• Review Contract Addendum thoroughly
• Evaluate offer(s) and prepare a "Net Sheet" on each offer for Seller
• Discuss offer with Seller
• Negotiate the offer and options
• Get pre-qualification letter
• Sign offer or prepare Counterproposal, if necessary
• Prepare and convey any counteroffers, acceptances, or amendments
• Acceptance Deadline Time
• Renegotiate however many times necessary and finalize
• Make applicable copies
• Convey signed copies to other Agent

AFTER CONTRACT SIGNED BY ALL PARTIES: Make sure all Contracts and disclosures signed properly. Deliver Earnest Money and Contract to Title Company, order Title Commitment. Order payoff from mortgage company, meet all deadlines, coordinate inspections and appraisal, explain moving and closing issues with Seller.

• Order Title work
• Make copy of Earnest money and Contract
• Deliver check and Contract to Title Company
• Notate dates on calendar
• Send date sheet to Seller
• Do necessary paperwork for unusual conditions
• If Seller and Buyer both our clients, do Change of Status Notice
• Copies of leases and damage deposit receipts, if applicable
• Order payoff
• Seller's Property Disclosure Deadline
• Inspection Objection Deadline
• Resolution Deadline
• Property Insurance Objection Deadline
• Change status on MLS and print to verify
• Review all paperwork for signatures
• Get all necessary signatures
• If mail-out, get instructions and addresses
• Notify Title Company of Mail out
• If POA needed, get original from Title Company
• Get POA signed and notarized
• "Under Contract" info letter to Seller
• Signed copies of Contract to Seller
• Remind Seller to notify Utility Company to stop service and do a "final read"
• Discuss with Seller advantages/disadvantages to continued showings
• Discuss what happens if other offers come in between Contract and Closing
• Change showing instructions in Centralized Showing
• Referral agent needed for Sellers new location?
• Resolve any Title Disputes
• Resolve any Off Record Matters
• Deliver unrecorded property information to Buyer
• Have Seller notify Utilities, phone, cable, etc.
• Mail "The Moving Guide" with Change-of-address forms to Seller
• Set up closing time
• Call Buyer's Agent and coordinate closing time
• Verify closing date and time and make all parties aware
• Mail time-verification of closing and directions to Seller
• Assist in solving any Title problems (boundary disputes, easements, etc.)
• Assist in obtaining Death Certificates, if applicable
• Cleaning needs (e.g. carpet, kitchen, etc.) upon move-out
• Discuss mover and time-frame for move-out with Seller

HOME INSPECTION: Make arrangements with all parties to coordinate inspection. Thoroughly review inspection report with Seller. Discuss items, willingness and advisability to fix, estimate of costs. Make arrangements with appropriate contractors and vendors to have items fixed.

• Set up Inspection
• Coordinate time with Seller, Agents, Buyer, Inspector
• Review Notice of Unsatisfactory Conditions with Seller
• Help Seller negotiate Inspection Objections
• Help Seller with repair estimates or a credit at closing
• Copy of Inspection Notice to file
• Verify prior to closing that all repairs have been made
• Get copies of repair receipts
• Fax copies of receipts to other Agent

THE APPRAISAL: Do current Market Analysis on property value. Coordinate and meet with Appraiser. Make sure appraisal done in timely manner. Options if appraisal is low. Any appraisal conditions? Coordinate fixing items, if noted. Schedule final inspection.

• Set up appraisal
• Coordinate time with Seller, Agents, Buyer, Appraiser
• Do current CMA for appraiser
• Meet appraiser with CMA
• If VA, make sure CRV ordered and completed
• Track Appraisal Deadline
• Verify appraisal completed and satisfactory
• If appraisal low, discuss options with Seller
• Discuss any conditions on appraisal with Seller
• Schedule final inspection on appraisal conditions, if applicable
• Verify all conditions met prior to closing

TRACKING THE LOAN PROCESS: Track the Buyer's loan progress with other Agent. Make sure all dates and deadlines are met. Keep Seller apprised of current situation. If Contract falls, begin from the beginning. Release of Earnest Money if within Contract dates.

• All paperwork to Lender
• Make contact with Lender and verify Buyer information
• Loan Application Deadline
• Buyer's Credit Information Deadline
• Disapproval of Buyer's Credit Information Deadline
• Existing Loan Documents Deadline
• Existing Loan Documents Objection Deadline
• Loan Transfer Approval Deadline
• Contact Lender weekly to ensure processing of loan approval is on track
• Notify Seller of loan approval

IF CONTRACT FALLS: Begin from the beginning. Sign all documentation to terminate, and Release of Earnest Money if within Contract dates. Reinstate on MLS and all internet sites. Reissue flyers and start marketing process again.

• Fill out all necessary paperwork
• Re-input into MLS
• Sign Release of Earnest Money forms

CLOSING PREPARATIONS AND DUTIES: Schedule a walk-thru with all parties. Confirm that all dates are being met, confirm if mail-out, POAs or other documents needed. Review closing documents and verify that all figures are correct. Deal with all last-minutes crises, make sure Seller brings keys, ID and GDOs.

• Schedule walk through with Buyer, Buyer's Agent, Seller, Vineyard Properties
• Verify with Seller how proceeds of sale being received
• If mail-out, verify correct mailing address
• Confirm mail-out with Closer
• Title Deadline
• Title Objection Deadline
• Survey Deadline
• Survey Objection Deadline
• Document Request Deadline
• CIC Documents Objection Deadline
• Off-Record Matters Deadline
• Off-Record Matters Objection Deadline
• Right of First Refusal Deadline
• Property Insurance Objection Deadline
• Coordinate Possession Date and Possession Time
• Prepare disbursement authorizations
• Notify Title Company of any Amend/Extends or date/money changes
• Last minute bills and receipts faxed to Closer including HOW, if applicable
• Make sure Closer has all addenda, correct price, rents, or applicable credits
• Discuss closing figures with Closer
• Check final figures for accuracy
• Call Seller and discuss final figures 24 hours prior to closing
• Remind Seller to bring picture ID, keys, door openers, receipts, etc.
• If not receiving proceeds at closing, discuss Seller's need for Cashier's Check
• Deal with all last-minute crises
• Check file for any unsigned documents
• Coordinate this closing with Seller's next purchase and resolve timing issues
• Have a "no surprise" closing so that Seller receives proceeds at closing

POST SALE: Enter the sales data to MLS and records for County. Remove signs, directionals, and Lockbox. Make sure file is completed and have it copied to disc. Change MLS to SOLD

• Change MLS to "SOLD"
• Enter sales data for County Records
• Scan entire file to disc
• Store hard file at outside location
• Copy HUD-1 and put in pre-addressed envelope
• Remove sign, directionals, and brochure box
• Remove lockbox
• Mail out disc of all paperwork to Seller
• Mail out HUD-1 to Seller the following year for taxes

 

What Realtors Do for Sellers was written by Mimi Foster

 

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If you would like to Search for Homes in Colorado Springs, CO, or for any of your other real estate needs, please contact your Colorado Springs Realtor

 

 

                                                                     

   

Selling homes throughout Colorado Springs, Old Colorado City, Manitou Springs and surrounding areas with a Specialty in Victorian and Vintage Homes in
Downtown Colorado Springs

 

Short Sellers May Get Re-Purchase Relief in 2011

Waiting Period for Short Sellers may be reduced!!!  

Question:  How long do I have to wait after a Short Sale before I can purchase another home?

Answer:  For the last two years there has been a proposal at HUD to loosen guidelines from the current 3-year waiting period to just 2-years for homeowners that completed a Short Sale.

The fact that housing sales are down 24% nationally, has lenders and real estate lobby groups seeking to change the focus on loan approvals from strictly a credit standpoint to an "income approach" as a way of bringing more buyers into the marketplace.

Because of lenders impossible loan modification guidelines, lenders are facing over 4 million homes in their "shadow inventory".

The arguement is that Homeowners who acted in good faith with their lender and chose to seek the Short Sale process as an exit strategy should not be penalized for 3-years. The waiting period for Buyers who declared BK is currently only 2-years.

HUD's proposal focuses primarily on the length of employment, current down payment, income and the Borrowers re-establishment of credit after their Short Sale. The caveat is this is that the Short Sale homeowner must have maintained a consistent payment history on their other credit payments in order to qualify for the proposed 2-year waiting period.

Therein lies the problem!!!  Most homeowners desperate to keep their homes, borrowed from every credit source simply to stay in their home and as times got harder those sources were the first to be defaulted upon.  So the proposal as drafted leaves only a small number of potential  homeowners that can benefit from this revised guidelines.

Buyers also must have re-established a minimum of 3 credit lines with a repayment history of at least two years. This makes it very important to re-establish credit almost immediately after the proceedings.

It's going to be interesting to see if this 2-year rule gets finalized.  What are your thoughts on the subject?

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