FOR SALE BY OWNER

PRE-LISTING ITEMS​

• Make an appointment with the seller for listing presentation.

• Send a written or email confirmation of appointment and call to confirm.

• Review appointment questions.

• Research all comparable currently listed properties.

• Research sales activity for past 18 months from MLS and public databases.

• Research “average days on market” for properties similar in type, price, and location.

• Download and review property tax roll information.

• Prepare “comparable market analysis” (CMA) to establish market value.

• Obtain a copy of subdivision plat/complex layout.

• Research property’s ownership and deed type.

• Research property’s public record information for lot size and dimensions.

• Verify legal description.

• Research property’s land use coding and deed restrictions.

• Research property’s current use and zoning.

• Verify legal names of owner(s) in county’s public property records.

• Prepare listing presentation package with above materials.

• Perform exterior “curb appeal assessment” of the subject property.

• Compile and assemble formal file on property.

• Confirm current public schools and explain their impact on market value.

• Review listing appointment checklist to ensure completion of all tasks.

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LISTING APPOINTMENT PRESENTATION

• Give seller an overview of current market conditions and projections.

• Present CMA results, including comparable, sold, current listings and expired.

• Offer professional pricing strategy based and interpretation of current market conditions.

• Discuss goals to market effectively.

• Explain market power and benefits of multiple listing services.

• Explain market power of Web marketing, IDX, and REALTOR.com.

• What agents do “behind the scenes” and agent’s availability on weekends.

• Explain agent’s role in screening qualified buyers to protect against curiosity seekers.

• Present and discuss strategic master marketing plan.

• Determine Fair Market Price.

• Review all clauses in listing/marketing agreement and

• Verify seller’s signature on the Listing/Marketing Agreement.

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BEHIND-THE-SCENES ITEMS

• Offer Pre-Home inspection (Explain the benefits)

• Review current title information.

• Measure overall and heated square footage.

• Measure interior room sizes.

• Confirm lot size via owner’s copy of the certified survey, if available.

• Note any and all unrecorded property lines, agreements, easements.

• Obtain house plans, if applicable and available.

• Review house plans, make a copy.

• Order plat map for retention in property’s listing file.

• Prepare showing instructions for buyers’ agents and agree on showing time with the seller.

• Obtain current mortgage loan(s) information: companies and account numbers.

• Verify current loan information with the lender(s).

• Check assumable of the loan(s) and any special requirements.

• Discuss possible buyer financing alternatives and options with the seller.

• Review current appraisal if available.

• Identify Home Owner Association manager is applicable.

• Verify Home Owner Association fees with manager–mandatory or optional and current annual fee.

• Order copy of Home Owner Association bylaws, if applicable.

• Research electricity availability and supplier’s name and phone number.

• Calculate average utility usage from last 12 months of bills.

• Research and verify city sewer/septic tank system.

• Calculate average water system fees or rates from last 12 months of bills.

• Or confirm well status, depth, and output from Well Report.

• Research/verify natural gas availability, supplier’s name and phone number.

• Verify security system, the term of service and whether owned or leased.

• Verify if the seller has transferable Termite Bond.

• Ascertain need for lead-based paint disclosure.

• Prepare a detailed list of property amenities and assess market impact.

• Prepare a detailed list of property’s “Inclusions & Conveyances with Sale.”

• A complete list of completed repairs and maintenance items.

• Send “Vacancy Checklist” to the seller if the property is vacant.

• Explain benefits of Home Owner Warranty to the seller.

• Assist sellers with completion and submission of Home Owner Warranty application.

• When received, place Home Owner Warranty in property file for conveyance at the time of sale.

• Have extra key made for the lockbox.

• Verify if the property has rental units involved. And if so:

• Make copies of all leases for retention in listing file.

• Verify all rents and deposits.

• Inform tenants of listing and discuss how showings will be handled.

• Arrange for yard sign installation.

• Assist seller with the completion of Seller’s Disclosure form.

• Complete “new listing checklist.”

• Review results of Curb Appeal Assessment with the seller and suggest improvements for salability.

• Review results of Interior Decor Assessment and suggest changes to shorten time on the market.

• Load listing time into transaction management software.

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ENTER PROPERTY IN THE MLS DATABASE

• Prepare MLS Profile Sheet– the agent is responsible for “quality control” and accuracy of listing data.

• Enter property data from Profile Sheet into MLS listing database.

• Proofread MLS database listing for accuracy, including property placement in mapping function.

• Add the property to company’s Active Listings.

• Provide seller with signed copies of Listing Agreement and MLS Profile Data Form within 48 hours.

• Take more photos for upload into MLS and use in flyers. Discuss efficacy of panoramic photography.

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MARKET THE LISTING

• Discuss the difference between Matterport Vs. Virtual Tours.

• Create print and Internet ads with seller’s input.

• Coordinate showings with owners, tenants and other agents. Return all calls–weekends included.

• Install electronic lockbox (Security Benefits). Program with agreed upon showing time windows.

• Prepare mailing and contact list.

• Generate mail merge letters to contact list.

• Order “Just Listed” labels and reports.

• Prepare flyers and feedback forms.

• Review comparable MLS listings regularly to ensure property remains competitive in price, terms, conditions, and availability.

• Prepare property marketing brochure for seller’s review.

• Arrange for printing or copying of supply of marketing brochures or flyers.

• Place marketing brochures in all company agent mailboxes.

• Upload listing to company and agent Internet sites, if applicable.

• Inform “Just Listed” notice to all neighborhood residents.

• Advise Network Referral Program of listing.

• Provide marketing data to buyers from international relocation networks.

• Provide marketing data to buyers coming from referral network.

• Submit ads to company’s participating Internet real estate sites.

• Convey price changes promptly to all Internet groups.

• Reprint/supply brochures promptly as needed.

• Review and update loan information in MLS as required.

• Send feedback emails/faxes to buyers’ agents after showings.

• Review weekly Market Study.

• Discuss feedback from showing agents with seller to determine if changes will accelerate the sale.

• Place regular weekly update calls to seller to discuss marketing and pricing.

• Promptly enter price changes in MLS listings database.

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THE OFFER + THE CONTRACT

• Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents.

• Evaluate offer(s) and prepare “net sheet” on each for the owner to compare.

• Counsel seller on offers. Explain merits and weakness of each component of each offer.

• Contact buyers’ agents to review buyer’s qualifications and discuss the offer.

• Fax/deliver Seller’s Disclosure to buyer’s agent or buyer upon request and prior to the offer if possible.

• Confirm buyer is pre-qualified by calling loan officer.

• Obtain pre-qualification letter on buyer from the loan officer.

• Negotiate all offers on seller’s behalf, setting a time limit for loan approval and closing date.

• Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent.

• Fax copies of the contract and all addendums to closing attorney or title company.

• When Offer-to-Purchase contract is accepted and signed by the seller, deliver to buyer’s agent.

• Record and promptly deposit buyer’s money into the escrow account.

• Disseminate “Under Contract Showing Restrictions” as seller requests.

• Deliver copies of fully signed Offer to Purchase contract to sellers.

• Fax/deliver copies of Offer to Purchase contract to selling agent.

• Fax copies of Offer to Purchase contract to the lender.

• Provide copies of signed Offer to Purchase contract for office file.

• Advise seller in handling additional offers to purchase submitted between contract and closing.

• Change MLS status to “Sale Pending.”

• Update transaction management program to show “Sale Pending.”

• Review buyer’s credit report results–Advise seller of worst and best case scenarios.

• Provide credit report information to seller if the property is to be seller financed.

• Assist buyer in obtaining financing and follow up as necessary.

• Coordinate with lender on discount points being locked in with dates.

• Deliver unrecorded property information to the buyer.

• Order septic inspection, if applicable.

• Receive and review septic system report and access any impact on sale.

• Deliver a copy of septic system inspection report to lender and buyer.

• Deliver well flow test report copies to lender, buyer and listing file.

• Verify termite inspection ordered.

• Verify mold inspection ordered if required.

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TRACKING THE LOAN PROCESS

• Confirm return of verifications of deposit and buyer’s employment.

• Follow loan processing through to the underwriter.

• Add lender and other vendors to transaction management program so agents, buyer, and seller can track the progress of the sale.

• Contact lender weekly to ensure processing is on track.

• Relay final approval of buyer’s loan application to the seller.

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HOME INSPECTION

• Coordinate buyer’s professional home inspection with the seller.

• Review home inspector’s report.

• Enter completion into the transaction management tracking software program.

• Explain seller’s responsibilities of loan limits and interpret any clauses in the contract.

• Ensure seller’s compliance with home inspection clause requirements.

• Assist seller with identifying and negotiating with trustworthy contractors for required repairs.

• Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed.

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THE APPRAISAL

• Schedule appraisal.

• Provide comparable sales used in market pricing to the appraiser.

• Follow up on the appraisal.

• Enter completion into transaction management program.

• Assist seller in questioning appraisal report if it seems too low.

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CLOSING PREPARATIONS + DUTIES

• Make sure contract is signed by all parties.

• Coordinate closing process with buyer’s agent and lender.

• Update closing forms and files.

• Ensure all parties have all forms and information needed to close the sale.

• Select location for closing.

• Confirm closing date and time and notify all parties.

• Solve any title problems (boundary disputes, easements, etc.) or in obtaining death certificates.

• Work with buyer’s agent in scheduling and conducting buyer’s final walkthrough prior to closing.

• Research all tax, HOA, utility and other applicable prorations.

• Request final closing figures from closing agent (attorney or title company).

• Receive and carefully review closing figures to ensure accuracy.

• Forward verified closing figures to buyer’s agent.

• Request copy of closing documents from closing agent.

• Confirm the buyer and buyer’s agent received title insurance commitment.

• Provide “Home Owners Warranty” for availability at closing.

• Review all closing documents carefully for errors.

• Forward closing documents to an absentee seller as requested.

• Review documents with the closing agent (attorney).

• Provide earnest money deposit from escrow account to closing agent.

• Coordinate closing with seller’s next purchase, resolving timing issues.

• Have a “no surprises” closing so that seller receives a net proceeds check at closing.

• Refer sellers to one of the best agents at their destination. (Out of state Re-location).

• Have a “Buyer consult” with the Sellers to determine their needs in a new home.

• Change MLS status to Sold. Enter sale date, price, selling broker and agent’s ID numbers, etc.

• Closeout listing in transaction management program.

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FOLLOW UP AFTER CLOSING

• Answer questions about filing claims with Home Owner Warranty company, if requested.

• Attempt to clarify and resolve any repair conflicts if the buyer is dissatisfied.

• Respond to any follow-up

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For associated paperwork, email M@TheMaryBeth.com.