Important
Questions
Every Buyer & Seller Should Know
Will You Make Sure I Understand What's Going To Happen Before It Actually Happens?
How Much Money Will I Need and When?
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100 (+) Things I Do For A Seller (Part 3)
The negotiation and sale process includes many pitfalls which could be very costly to a seller (or buyer) if they don't have an agent looking out for their best interest and paying careful attention to the transaction.
THE SALE
- Receive offers on the property.
- Insist that any verbal offers be put in writing.
- Carefully review all offers on the property to make sure there are no hidden provisions in the contract that could hurt the sellers in any way.
- Make sure that offers include financial information for the buyer, so we know the buyer is financially capable of purchasing the property.
- Present ALL written offers to the seller and inform the seller of any verbal offers as soon as possible.
- Review each contract with the seller and explain the advantages and disadvantages of each and the obligations the seller would have if they accepted the offer.
- Provide seller's nets on each offer to show sellers how much money they would get in their pocket if they accepted an offer.
- Provide the seller with updated market information so I can help the seller determine if an offer is reasonable.
- Immediately inform buyer's agents that an offer has been accepted and inform any other agents that the seller has accepted an offer.
- If no offer is accepted, help the seller to prepare any counteroffers they may want to make and help the seller negotiate the situation to their best advantage.
- Present rejections in a way to encourage reasonable offers from the buyers.
- Protect the seller's negotiating position by being careful not to say anything that discloses the sellers motivations or suggests that the seller must sell quickly (unless necessary to meet a seller's timeline).
- Listen carefully to the buyer's agent for any information that might assist the seller in their negotiations.
- Make sure my office has a copy of the sales contract and all documents related to the transaction and turn in deposit check if we are holding the deposit.
- Change the status of a listing on the Multiple Listing Service after an offer has been accepted.
- Change the status of the listing on my websites.
- Advise the seller as to whether they should continue to show the property, encourage back-up offers if the seller determines it is in their best interest after I advise them.
- Present all written offers all the way up to settlement unless I have written instructions to the contrary from the seller, and advise the seller to seek legal counsel before backing out of one contract to accept another.
- Advise sellers of the importance of keeping quiet to friends, neighbors and relatives about the price they accepted. This might hurt the seller financially in future negotiations if the original sale falls through.
- Make sure the buyer's agent keeps me fully informed and make sure the buyer is meeting all required deadlines (loan application, appraisal, inspections, insurance, title work, loan approval, switching utilities, etc.).
- Make sure the seller meets all required deadlines (contract responses, repairs, etc.).
- Attend the home inspection or have another agent present if I cannot attend.
- Assist the seller in additional negotiations if necessary after the home inspection.
- Assist the seller in finding contractors and arranging repairs on the property, that may be required under the home inspection or appraisal.
- Make sure the appraiser, termite inspector, contractors and other necessary parties can get into the house.
- Coordinate the date, time and place of settlement with ALL parties.
- Follow up with the Title Company and lender to make sure they have all necessary documents and information from the seller.
- Quickly respond to any problems that come up during the transaction and keep my cool no matter what happens, so as to not lose control of the situation.
- Review a copy of the settlement statement prior to settlement to make sure everything is correct.
- Attend the settlement (or if for any reason I can't, make sure a qualified agent is present) and make sure that any issues that come up at settlement are settled to the seller's best possible advantage.
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