FOR SALE BY OWNER

Thinking about selling your home without a trusted agent? No problem!

Here is a cheat sheet of every step in the process.

Questions? Give me a call 310.430.5277 and let's discuss.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

For associated paperwork, email M@TheMaryBeth.com.