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| SELLERS |
by David Engle |
While buying your house is likely the largest financial commitment you'll likely ever make, selling your house is just as important. That is why you need an agent who is going to work hard to get you the money that you deserve.
When it comes to hiring an agent, there are a lot of people to choose from, and that is why it is important that you do your research. You want an agent that will work hard for you, that you can trust, and that will pay attention to the details.
Step-By-Step Selling Process
STEP 17: The Termite Certificate
Agency is the first important thing to know about when working with an agent. Agency in itself is a relationship. This relationship is a beneficial relationship for you, the seller. You have this relationship with the agent that you work with. By having me work for you, I would work as your agent, called a designated agent.
What is so important about this agency relationship?
It is important because it is a vital factor when selling a home. This relationship is a structured, organized, and established relationship that ensures that there is someone who knows what they are doing looking out for your bests interest! Bottom line: Without agency, you'd be by yourself left up to your own means to protect your own interest.
As your agent, I am experienced in the real estate market. I'm a professional in my field, which is only earned through experience, education, and research. And from that I can represent you as an agent, and make sure that you get the price your house deserves.
So it is here with agency
that everything is kicked off. You and I agree with each other that we
will be in an agency relationship. This will take the form of us signing
a form agreeing to this representation
with each other known as the listing agreement. From this we now have
the understanding that I am
looking out for you and protecting you (and ultimately your house). It
is then that I become your designated agent.
Where without this type of relationship, it can be a detriment to
sellers
is when sellers give information to the wrong party. They disclose
certain details to an agent that is not their designated agent and who
is working for someone else. That agent can then use such information to
his advantage for the person he is working for. (This is not to say that
agents are intending to take advantage of the other party, but agents do
have a goal of getting their clients the best deal possible, which just
so happens to be in opposition of the other party.) You the seller, could
ultimately have put yourself in a position where you lose monetarily.
And it is for this reason that we have agency. So you can go to your
agent and disclose to him everything knowing that you can trust him. And
then the agent speaks for you to the other party, representing you, so
that your best interests are never compromised.
It will be at this time that I will share with you valuable information on how to prep your house so that it is ready to sell. I will preview the property and point out any problematic areas that I see that will need to be seen to in order for your house to sell for top dollar.
Also see: The Seller's Punch List
The listing agreement is where all of the paperwork starts off. This agreement is simply an agreement between me and you that you, the seller, will employ me to sell your house. It is in this agreement that you decide on the price that you will ask for the property, if you will keep the mineral rights or not, if you will sell it AS IS or not, and other things of that nature. I will also take down information about the property itself. This is where we also decide on what the commission of the property will be. It is important to know that commission is not a set fee. In fact, it is against the law to say that there is a set commission rate for real estate. Rather, like almost everything in real estate, it is negotiable. So, at this point in the selling process we would agree on a certain commission rate. I usually charge 4 to 6 percent for a house. The larger houses with a lower commission rate, and the smaller houses at the higher percentage rate. A more accurate way of viewing commission is as a "Potential Wage". If we enter into this employment process, we are proposing that if the property sells, I will be given a wage for the work that I did on the property. So, I only get paid if you get paid! And it is this agreement that empowers me to work as your agent, and work by all my lawful means to find you that buyer. So lets see how I'll do it!
There will be lots of prep work to get the right information out about your property. I'll get information from the public records about the house, dimensions of the property, details about the house, and take measurements by hand of the property to make sure that every square foot is counted for. I will then compile this information together for the sale. The most important point I'd like to express here is my measuring your home. I will personally go to your house and measure it. It doesn't sound like hard work, and it really isn't, but it isn't a required step to sell the house. And this is a tragedy, because even a few square feet can end up costing you hundreds of dollars! So, with this in mind, you'll see why having an experienced full-time agent like me that cares about getting you the full value of your house can end up being worth the commission.
Probably one of the most difficult and important steps to the selling process is getting the paperwork straight and maintaining it. It is here that I will really be a value to you. I will make sure that all the paperwork is done properly and will greatly reduce liability on your part.
What will do from this point is fill out all of the particular papers that your property will require. Most important to note is that I will gather some information about the property that you will need to disclose to the prospective buyers.
The advertising is where
you'll really see a difference.
Yes, I do use traditional methods of advertising such as newspapers (The
Advocate, The Banner, etc.) and Real Estate Magazines (Re-Finder, Homes,
etc.) but admittedly I do not focus on these advertising venues as much.
Admittedly, they are not the most effective form of getting the word out
about your house. Rather there are other more affective ways.
The Internet is my primary focus for getting the word out. This vast website of mine is custom made by myself and is unlike any other site in the world. I've put months of work into it to make it what it is, and update it daily. I average an ever increasing amount of visitors per day. So, buyers are going to come to my website to find out what is available. I also use many different venues on the internet to market your property so you can count on it getting the exposure you deserve.
Another way I will get the word out is by word of mouth. FSBO's use this method to, however their voice is like a whisper compared to an agents intercom-announcement. I will pass along the information of your house to other agents who have a flock of buyers that are looking to buy, and that is going to a be a key point in finding the right buyer for your house.
One very valuable tool in selling your house will be the Multiple-Listing Service System (MLS). The MLS is a system that only Realtors(R) have access to. This system will allow all agents to have information to your property within a few clicks of the mouse. But not only this, I will put great effort into making sure that your listing will be spectacular! I'll have many great pictures taken of the property that will make the property stand apart from others, as well as a detailed description that will answer all questions potential buyers will have.
You'll get your own yard sign that will tell buyers that your house is up for sale. I cater signs to each property uniquely so that your property will get the most exposure possible. This may require more than one sign in the yard or other special signs like "Waterfront" to make the property really stand out. My professionalism reaches down to even the smallest points in the transactions, including signs.
You'll also get your own lockbox for the house. A lockbox is a secure device that attaches around the door handle of a house. Keys are placed inside it for safe-keeping. They are super-durable and prevent thieves from taking your keys. Only real estate agents can access the boxes, so you won't have to worry about others sneaking into your house. In addition, I will have a summary of every visit to the house. I'll know who entered in and what time they did.
The showing is where everything starts to fall in place. Basically at the showing an agent will take their buyer into the house via obtaining the key from the lockbox. From there they will go inside and out the house doing the regular things that buyers do. It is important for you not to be home at this point. Rather, you can step out of the house so that the buyers have privacy and won't feel like they are intruding. (We will have already established instructions for showing. We can arrange for the agent to set up an appointment each time they show the property, and they can be required to give a certain amount of time notice. There are many ways to go about it, and we will work all of that out prior to the showing.) With your consent, I may also bring some of my buyers to the property to show them it, but other agents can bring their buyers to see your house as well.
Sometimes I may hold an open house for the property, which will give prospective buyers a chance to view the inside of the house at their leisure. This will usually take the form of 2-4pm on a Sunday afternoon. Of course, you, the seller, will need to step out during that time, but during that time, I will give prospective buyers a tour of the house.
Once someone is interested in your property you will get an offer for the price of the house. It may be more, less or equal to the value you requested. I will present the offer to you and you'll then have the option to reject the offer, accept it, or give another offer to the buyer which is different in some way. I will give you my professional advice at this point. Counteroffering can go back and forth until a conclusion comes about.
Once you come to an agreement with a buyer, the buyer will then furnish you a deposit for the house showing you that the buyer is serious about buying the house. If he defaults in any way then you will be able to keep this deposit in lieu of liquidated damages. The deposit is a monetary commitment that the buyer makes to buy the property. In other words, if they back out of the agreement for no reason other than changing their mind, then they can lose that deposit. In this case you'll be at liberty to keep the deposit as consideration for the liquidated damages that you had incurred while the house was off the market. Deposits are usually not less than $500. Sometimes they are $1000. Sometimes several thousand dollars. The deposit amount is up to the buyer at first, but can be negotiated. Usually the bigger the deposit, the more serious the buyer is about purchasing the property. I will hold the deposit until closing. At closing The buyer can add this amount to the total purchase amount of the property. So if the sale goes through, then the buyer will get the deposit back in the end.
The buyer will have within 10 days, to have hired an inspector to inspect the house.
The inspector’s purpose is to point out all the flaws in a property. The buyer pays for the inspection.
If there is a defect that the inspector discloses that makes the buyer not want the house anymore, then the buyer can call the agreement off and start looking for another house at no penalty. Their deposit would be refunded to them. .
But the buyer doesn't have to call it off, if they still want the house if that defect was resolved. If this is the case, then they may request the seller to fix this defect. In this case, you would have the option to fix some, none, or all of the requested repairs. If you come to an agreement with the buyer at this point then the buying process goes on...
The purpose of the appraisal is to verify the price of the house. While, my expert advice is helpful in ascertaining the price the house with the current market, appraisers almost always give you an objective third-party verification of the price. Appraisers use past sales of similar homes to come up with the value of the home. This is similar to my Comparitive Market Analysis (CMA) that I do for you when they you want to see how much your house is.
The appraisal will be done by the appraiser and the buyer will get a pamphlet back from the appraiser telling them how much the house is worth in the Appraiser's professional opinion. He will also explain how he came up with the price, and will give details on both the house and the comparative properties that he used. Appraisals sometimes have pictures as well.
If the appraisal for the house comes in higher then nothing changes. If the appraisal comes in at the same price then nothing changes either and the deal moves forward. If however, the appraisal comes in lower than what the buyer is purchasing the house for then they have a decision to make. Do they still want the house for the price you originally agreed upon? If they do then they can pay the higher amount and move on in the buying process. If they don't want to pay the over-appraisal price then the buying agent will notify me of the under-appraisal. You then have the option to lower the original price amount to the appraisal amount, not lower the amount at all, or meet the buyer somewhere in between. If you don't want to budge on the price, then the buyer can cancel the purchase and get their deposit back. If you want to meet the buyer somewhere in between the appraisal price and the original price then the buyer can either accept it or cancel the purchase. And of course, if you agree to lower the original price to the appraisal price, then the buyer must proceed with the sale.
This company will handle all of the legal aspects of the deal. I will get them the proper paperwork that they need, as well as handle any inquiries about the property.
STEP 17: The Termite Certificate
Every seller must order a termite certificate. This will be given to the buyer at closing say that the property is free from Termites. If the property does have termites then you may need to pay for the treatment of the termites and of any damage that they may have caused to the property.
During the day of the sale, we will meet at the Title company's office that the buyer chose. You will sign all of the sale papers to finalize everything. After everything is signed you will receive your check. Also, you may be wondering, but it isn't until you get your check that I actually get paid for all of the work I did for you. Our pre-established commission will ultimately be paid from the proceeds of the sale as all of my obligations would have been fulfilled.
Would you like to get an idea of what your house is worth? Get your FREE ESTIMATE by emailing us at David@EngleRealEstate.com.
Click on the button below to see an overview of the Selling Process, or walk through the selling process Step-By-Step by clicking on The Agency Button for a more detailed description.
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David Engle
is a real state broker of Engle Realty in Baton Rouge,
Louisiana near LSU. While his real estate company specializes in
residential sales all over the capitol city, David specializes
in properties near Louisiana State University. He has
experience in both single-family and multi-family properties and
daily works with buyers and seller in the LSU area.
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This information is deemed reliable but is not guaranteed. This information is subject to change, and should be independently verified. None of this information should be construed as legal, accounting, tax, financial, or any other types of professional advice. Note that most of this information pertains to Louisiana Real Estate, which follows a different set of laws than the rest of the United States' states. © 2006, 2007, 2008, 2009, 2010 David Engle
EngleRealEstate.com
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