Category: Articles for Sellers

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Step 1 of The Selling Process: Contact us for a complimentary market analysis.

A market analysis will supply you with current and relevant information about home value, based on recent comparable property sales. Your Realtor will discuss with you what your home could sell for in the current market.

Step 2: Interview and Hire a Realtor .

We recommend interviewing several real estate agents to get a clear idea of what each Realtor will do to list and market your property.

Step 3: Sign the Listing Documents.

• Listing Contract (between you and your Realtor )
• Data Input form (the specific information to be published in the Multiple Listing Service )
• Disclosed Limited Agency (Representation of you by your Realtor according to the Oregon Real Estate Agency)
• Property Disclosures (4 pages of questions regarding any and all information you need to disclose to the Buyer purchasing your home)
• Siding Disclosure (Required by the OREA)
• Smoke Alarm Disclosure (Required by the OREA)
• Lead-Based Paint Disclosure (only required if your home was built prior to 1978)

Step 4: Begin the Marketing Process.

Your Realtor will extensively photograph your house and property. Preparing marketing materials for to promote your home is time-intensive, but it’s very important to present your home at its best to the purchasing public. Keep in mind that the marketing process is one that will continue until your property is sold.

Step 5: Receive an Offer for Purchase.

Once you have a willing and able buyer for your property, the negotiations begin. Upon mutual acceptance, your Realtor will submit property disclosures to the buyer.

Step 6: Talk to Your Realtor About Relocation Plans.

Your Realtor can assist whether you are relocating locally, in state, or across the country. Be sure to ask how he or she can make the transition simplified and seamless for you.

Step 7: Negotiate Repairs and Cleaning.

Based on the inspection report, the buyer has the option to submit a Repair Addendum. Suppose the buyer inspection report has a mention of a pest/wildlife infestation problem in the house (that might require hiring Bat Removal services or any other relevant service providers) or has any important repairs that need to be done, this brings the buyer and seller (and their Realtors) back to the negotiation table so they can come to an agreement regarding any concessions or restorations.

Step 8: Perform Repairs Agreed Upon.

Keep in mind: though many repairs seem simple to the do-it-yourself-er, because you are in a real estate transaction, they may be required to be performed by a licensed contractor for example if you need some water pipework fixing you may look for either a professional such as I Need The Plumber & Air Conditioning or you may use a local professional if you find that more preferable. Ask your Realtor if you have any questions about what can be finished by you. Keep your receipts! The buyer may ask for them.

Step 9: Appointment to Sign at Escrow.

You will be contacted by the escrow officer of the title company where the transfer of title and funds will take place to schedule an appointment to come in and sign the final documentation.

Step 10: Pack Up! You’ve Sold Your Home!

Though nothing is finalized until the transaction has funded and recorded, it’s not a bad idea to begin the moving process. The contract between you and the buyer will specify how many days after closing you have to move out. (Sometimes it’s the day of closing, though!)

Step 11: Closing.

Closing officially occurs the day funding is released and the documentation is recorded with the county courthouse.

Published on: Nov 30, 2012

• Is the home ‘dated’ or ‘updated’ with things like new windows from a website like this one? It is a sad reality that a state-of-the-art home today can be harshly criticized 10-15 years later. Homes have become like wardrobes; you do not have to update them but it will be noticed if you do not, and talked about negatively.
• Is the property well maintained? Except for investors who are eager to improve homes for large profits, most buyers want a home that has been loved and cared for. Deferred maintenance issues frequently kill deals during the inspection phase, or cost the seller money to fix problems before closing. Unfinished remodeling or overdue maintenance is expensive to a seller. If for example, the roof is due to be redone, this can look really unappealing to a buyer as roofs are expensive to replace and maybe something they are unable to do after moving into the property. As a home seller, you could contact and search for Denver roofing companies or local roofing contractors to see if anyone can possibly help you with quickly solving this if it was an issue.
• Is the home attractively decorated and furnished? Proper staging is an art. Not staging a home will cost you showings, perhaps offers, and likely money during the negotiations. A well-presented house may net you more money, or it could just make the home more saleable, meaning it will sell quicker because it competes better against other properties. Appropriate condition correlates to the market expectations for the price range. You do not have to follow every home fashion or trend, but you should do what is expected for the price range.

So what should you do?

De-clutter. Less is always more. Pack up everything you can live without and store the boxes in the garage, shop, or a storage facility. Remove unnecessary furniture to open-up walkways creating a home that feels spacious and lighter.

De-personalize. The best showings are when buyers see less of you and YOUR home, and more of them and their new home. Galleries of personal pictures on walls or the refrigerator distract buyers. Create an opportunity for the buyer to mentally place themselves and their furniture in your home. Selling your home is not about you – it is about your buyers. You are not showing off your possessions or family, instead you want buyers to envision themselves in your home and to imagine what they could do with your home-canvass.[/accordion] [accordion title=”Appraised Value and Lenders”]The reality is that most properties are purchased by a lender on a buyer’s behalf. Because of the risk to the lender of having to take back the property and re-sell it, the issue is really about what a lender is willing to pay. The lender will not pay more than the current dictates of the marketplace. In a declining market those assessments will be very conservative as they hedge against future lower prices. The data that is used to analyze the market is the actual sold comparables. ‘Solds’ alone have authority to establish value. The closest sales geographically, statistically, and chronologically are used to establish value. A seller’s opinion (they usually love the property) and a buyer’s willingness to pay the price (they also love it) mean nothing to a lender.

Professional technicians (appraisers) are hired by the bank to determine the value of your property. Your Realtor’s job and primary goal is to understand the market and your property well enough to price your property so that it does not conflict with an appraisal. There is no worse feeling than being 3 weeks into a transaction and having the appraiser come in thousands of dollars under the agreed-upon price. Most buyers cannot, and will not, pay more than the appraised value. In this situation, the seller always feels violated and must drop the price. It is a bitter experience.[/accordion] [accordion title=”The Marketplace is the last court of appeals”]You may list your property at a verifiable and attractive price but still not get an offer. A lack of showings might communicate that people think the property is overpriced. It also might be that there are no buyers in the marketplace at this time. If that is the real problem, then dropping the price will do no good, and plenty of damage. It will get you less money and bring down property values in the neighborhood. An experienced professional will know how to test and discern the causes. Other factors include the property’s location, condition, or presentation by the Realtor .

Markets do change, sometimes suddenly. Bank-owned homes, short-sale properties, and discouraged and desperate sellers can cause prices to drop suddenly making your property appear over-priced. The ‘active comparables’ while not definitive for appraisals, must be closely watched because they are your competition. Sellers should know their competition and learn to think like buyers, not sellers! You do not need to be the lowest price on the market, but you must be the best value, or at least unique enough so that your particular kind of buyer will want your home even at a higher price.[/accordion] [accordion title=”Overwhelmed & Hopeless? “]No one has the perfect property. There are many things we cannot control (like gravel roads, a poorly managed rental in the neighborhood, a funky floor plan, etc.). Additionally, some sellers cannot afford the time or money to change things that could be improved. This does not mean you cannot get your home sold, it just means that the price should reflect all these issues in order to keep your home strategically competitive. Your Realtor will be able to do this for you and periodically track your property against changing market conditions.

Buyers are savvy, and in this age of instant and vast information they will know your property and the competition well before they write an offer. Buyers will not be fooled. But the good news is that they also will recognize your good value. Their desire for good value and your desire to take the market seriously and offer a good value will eventually be a win-win deal. At that point both of you can move on with your lives.[/accordion] [/accordion_group]

Published on: Nov 30, 2012

Here are our top 5 Realtor responsibilities for getting your property sold:

We have a saying that the listing agent begins as a hero in the eyes of the seller (great expectations!), but it goes downhill from there, sometimes way down because the end result is less than the dream. On the other hand, a buyer’s agent, begins at a disadvantage without trust from the buyers, but in the end achieves a dream for the buyers, and so ends the transaction as a hero. While it is good to interview more than one Realtor , sometimes the competition to win the client can cause the promise of price to be overstated. Learn more about establishing value and ask your Realtor to show you the data to support their claim.[/accordion] [accordion title=”Promote Your Property Far & Wide”]Your listing agent’s commission includes the marketing budget. Be sure your agent uses the resources well to get your property exposed to both Realtors and the public. Realtors are hand-in-hand with most of the prospective buyers in the marketplace. It is important to have a strategy to get your property at the fingertips of every agent in the nation. Ask what Multiple Listing Services your agent belongs to. Ask about IDX (Internet Data Exchange) to get your listing on thousands of agent websites.

The buyers agent commission is strategic here. We want to make it worth the effort of the best Realtors with the best buyers to show your property and then to negotiate in good faith. If we do not reward them well, we might lose the best opportunities. [ul_list]

• Will your broker put the property on a Realtor property tour for professional viewing?
• Will they provide extra information in the agent private remarks section of the listing so the showing agent is better informed when showing the property?
• Is your agent immediately accessible by cell phone to set-up showings and assist a busy buyer’s agent?
• Does your Realtor have a good reputation in the local community for working well with other agents?
• Will there be follow-up calls or emails to get feedback for showings, and more importantly, to learn about obstacles to buying your home?

A professional realtor learns what appeals to the public and knows what will sell your property. Too good can be not so good. If there is too much ‘puffing’ in the descriptions, and if pictures create an unrealistic view of your property, then the disappointment experienced by buyers when they arrive at your home will actually destroy any chance of a buyer choosing your property. It takes wisdom to use marketing well.[/accordion] [accordion title=”Persuade the Buyer of Your Property’s Value”]Our intent is to find buyers looking for a property such as yours. When we find prospective buyers, it is to engage them in discussion of your property and persuade them that your property is worth every penny you are asking for it. We lobby for the right person to buy your property, help the buyer to raise concerns and objections, and then we apply what we know to remove these obstacles. This applies to our marketing messages, to the first showing and the follow-up feedback, in the process of negotiating terms and conditions for the offer, and in the transaction (after the inspection).

Sales is assertive, not passive. The process preempts problems, resolves difficulties, and broadens the buyer’s vision of what your property can do and be for them.[/accordion] [accordion title=”Persist Through Challenges Until Closing”]The process from listing your home to closing the transaction is long and littered with mines. The challenges are great. Inspections cause buyers to change their minds and kill the deal, but so does ‘buyers remorse’. Appraisals may throw everyone back into negotiations. Closings are late about 30% of the time, and coordinating the closings and possession of 3 or 4 transactions (that are strung together like a train) will stretch patience to the breaking point and require exceptional diligence on the part of your Realtor . Issues, questions, disclosures (or the lack thereof) erupt at the most inopportune times.

Your agent will protect you from most of the stress, keep you informed, solve myriad problems, find key answers, and negotiate skillfully to hold things together and get the transaction closed for you. Most importantly, he or she will maintain their cool and resist reacting to provocations in order to make this happen.[/accordion] [/accordion_group]

Published on: Nov 30, 2012